CGT ON GIFTED SECOND PROPERTY

I am thinking of giving my son a buy to let property I own outright It cost me £40,000 when purchased and is now worth £160,000 My son will not live in property but continue to rent it out Do I have to pay CGT on the £120,000 profit now even though no money has changed hands

Hi asmyth74,
Yes, as this is still a disposal.
Thank you.