mal slater

Twelve years ago we bought a flat for our son, who was unemployed at the time, to live in. Although he has subsequently worked, we have never charged him any rent. We are now pensioners and wish to give our son the property. Our own home, which we currently live in, will be inherited by our son and daughter on our deaths (inheritance tax is unlikely to be an issue given the value of all the property). Would cgt be payable on the gift of the flat to our son, for although is has increased in value, we will not receive any personal gain?