Hello and welcome to the site. Thank you for your question.
If you gift the property to your daughter, it would be deemed gifted at market value.
The recipient of the gift receives it tax free.
Tax implications for your consideration are:
Capital gains tax -
The difference between market value and the cost price (including associated costs of buying and transfer of property) would be your gain and it would be chargeable to Capital gains tax. As the property is jointly owned with your wife, each owner would be able to claim gains annual allowance of £10,900 against the gain and the balance would be charged CGT at 18%, 28% or a combination of both depending on your total taxable income in the tax year.
Inheritance tax -
This gift would be regarded as a potentially exempt transfer for IHT purposes and the seven-year rule would apply. If you survive for 7 years after making the gift then it would be exempt from your estate for IHT calculations.
More information of seven year rule can be found here
I hope this is helpful and answers your question.
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