Am I liable for CGT when it is my sons property

[HT69]

My son was initially finding it difficult to get a mortgage so his financial advisor suggested I (his father) should support him with the mortgage and therfore alsov put my name on the deeds.

However the deposit and all other expenses to date was made by my son.

The property has been let out over the years.Last year my son asked his mortgage company if they would approve the mortgage solely in his name and they approved.

A transfer of equity took place and the deeds are solely in my son's name now.I always said the property belong to him as all money and expenses had been made by him and we should correct the ownership situation.

I have therefore made no gain at all.Am i still liable for Capital Gain Tax??

[bd6759]

Was it a joint mortgage?>

[HT69]

Yes..it was a joint mortgage

[bd6759]

You shouldn't have any problems if your son met all of the expenditure and you did not benefit in any way from the sale.