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 therefore also 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 belonged 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?

Arthur Weller replies:
If you look at www.gov.uk/hmrc-internal-manuals/capitalgains-manual/cg70230 you can see that you have an argument to say that your son has always been the 100% beneficial owner of this property, and that all that has now changed is the legal ownership. A change in the legal ownership is not subject to capital gains tax - page cg10720 there. It may help your argument if you write a document now saying that you have been merely a legal owner since acquisition, and your son has always been the 100% beneficial owner. However, HMRC may or may not accept your argument, depending on the exact details of the case