Capital Gain Tax on Transfer of Property

Hi, The father transferred a property under his name to his son (no cash transaction involved), while the market value of the property was less than the original purchase price. In this case, does the father need to report Capital Gain tax even if no tax to pay? If the son sells the property in the future, what would be the base price for calculating the son's capital gain tax? Would it be the price that the father bought the property, or the market value of the property at transfer? Thanks! Ann

Hi Ann Q,
If a UK property and no tax is due then he does not need to report.
The base price for the son to then use for future selling, is the marker value price at the time of transfer.
This will be the same market value price that the father has used for the  disosal.
Thank you.