CGT liability following transfer of equity

Good afternoon, Just looking for some advice please - My mother and I bought a house jointly in 2004, with both of us on the mortgage. It is an interest only mortgage. She very kindly helped me with a 36K deposit at the time, with the remainder covered by the mortgage. I have lived in the house until now with my wife, but my mother has never lived here (she essentially joined me on the mortgage, as I did not have the income to afford it on my own back then when I was young). She has never benefitted financially from being on the mortgage; I have paid it for entire duration. My wife and I now want to remortgage to a repayment mortgage, to allow us to stay in the property when our current term ends soon. My mother simply wants to relinquish her share. A transfer of equity is in progress, so that my mother no longer has any share in the property at all, and my wife will join me on the new mortgage. The new mortgage is for virtually the full outstanding balance of the old mortgage, apart from five thousand pounds that I paid off last year. Other than that one-off 5K payment, I have only ever paid off the interest each month. We believe the property value is about 120K more than when we bought it in 2004, based on recent estate agent valuations. Once the remortgage goes through, will my mother need to pay capital gains tax from effectively gifting her share of the property to us? If yes, how soon will she need to pay this, and what measures could she reasonably take to minimise what she needs to pay? Many thanks for any guidance anyone can offer here.

Hi Clarkson27,
There are no tax implications.
Although your mother is a legal owner of the property, she is not the beneficial owner of it.
When you return her capital to her, there is no tax to pay.
Capital gains tax is only chargeable when the property is being disposed of, which is not the case her.
Re-mortgaging is not the same as disposing.
Capital gains is chargeable against the beneficial owner, whenthey dispose of the property,which is you.
At is is your main residence, you have private residence relief (PRR) to set against any gain.
If the PRR covers the gain, there is no Capital Gains Tax.
Please have a look at the guidance at.
Thank you.