I have a client who owns a BTL flat and has a BTL mortgage on it for £177k. This was the price he purchased the flat for
The term is about to finish and he is unable to get another mortgage due to his credit rating.
He was thinking of letting his Son buy the flat for £177k. The property is valued at £300k max.
No gain is realised for the Father.
What are the tax implications for the Father [original owner of the flat]?
Because no gain is realised i cannot see any problem. Are my assumptions correct.