To be clear-are you saying there is no CGT payable at the time of the gift?
That CGT is only payable at the time of disposal by me and is calculated on the basis of Disposal price less market value at time of gift.
Did you receive my final question which was-
Will my son have a CGT liability? I have assumed not -on the basis he would not receive any monetary benefit.
He would need to report and use the market value on the day of the gift to see if he has a gain or loss. He can use the Hold Over Relief and not pay CGT at the time of the gift if he does have a gain. That way he can postpone all or part of his gain until the asset is sold or disposed of by you. He would have no tax to pay on the disposal at that time of the gift.