Gifting Property to Connected Person-Gift Returned

[lilibet-66]

Hello everyone,
First post, so here goes....

If a property is gifted to an adult son/daughter, CGT less £12k allowance is payable on the difference between the purchase price and market valuation at the time of transfer. My query is what happens if the person receiving the gift wants to gift it back a year/two years later, what are the implications, is CGT payable on the difference between the original gift transfer date and the market value at time of making the gift back again? Or are there any other complications, am aware of the 7 year IHT implications with making the gift.

[maths]

The "regift" back gives rise to a CGT charge on difference between mkt value at date of receipt of original gift and mkt value at date of regift.

Gifts are PETs for IHT.