BTL sold to Son

Hello

 

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.

 

 

Thanks

 

Manzar

Comments
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For CGT purposes.

henry williamson |

.

ireallyshouldknowthisbut |

CGT as above

ACDWebb |
ACDWebb's picture