CGT on joint owned property with father

[craigy72]

Hello,

I'm wondering if anyone can help me understand if my father will need to pay CGT on a property that we jointly own.

In 2012 me and my father purchased a property in London for 280,000. The deeds were split 50/50. The only reason my father was placed on the deeds was due to the mortgage supplier wanted to guarantor for affordability.

5 years down the line I wish to sell the property to purchase another one. The sale price is 460,000.

My father will be ''gifting' me all of his part of the property. (even though in essence the property is mine, on paper its 50pc his) I can assume this is either by transferring all of the deeds over to me before the sale, or effectively taking the cash and gifting that to me.

The question is, will my father have to pay capital gains tax?
Thanks!

[maths]

The terminology used is a little unclear.

If your father has no beneficial interest in the property then he is not exposed to any CGT charge; if he has, then he has a CGT exposure.