I own a property which I wish to gift to my son. What are the tax implications of this?

If the market value of the property at the date you transfer to your son is more than the price you paid for it, then you are deemed to have made a capital gain equal to the difference, and you are liable to capital gains tax on this amount. Since you are gifting, by definition this means for no consideration, so there should be no stamp duty land tax for him to pay. From an IHT perspective, this is a Potentially Exempt Transfer (PET), and so will be included in your estate for IHT purposes, unless you live for seven years after the date of the transfer.