Spouses are connected persons under TCGA92/S286 (2), so transfers of assets between two spouses would normally be deemed to be considerations equal to market value at the date of transfer.
For a transfer that takes place in a tax year of assessment during which the spouses have lived together at some point, the Market Value rule is over ridden by TCGA92/S58. This means that the transfer of the asset can be treated as having taken place at no gain/no loss. CG10790 Provides the links to relevant guidance on this matter.
When spouses or civil partners separate, no gain or no loss treatment is only available in relation to any disposals for the remainder of the tax year in which the separation took place. After that, transfers are treated as normal disposals for Capital Gains Tax purposes.
CG22423 advises regarding the transfer of an asset in pursuance of a court/consent order made after the date of the decree absolute. The deemed date of disposal is the date of the order.
Therefore, on the basis of the info provided, the date of disposal of the 2nd property would be the date of the consent order. If that is after 6 April 2023 then the new rules and extended time frame in which to apply No gain/ No loss will apply.
If it is before 6 April 2023 and not in the year in which they separated then normal CG rules will apply and you will be deemed to have disposed of their 50% share of the property at market value on the date of the consent order.
You can then apply the normal CGT calculation process and claim 50% of cost of acquisition, incidental costs of acquisition and sale and any Private Residence Relief due for any periods in which you resided in the property as your main residence.
New rules for disposals will be introduced after 6 April 2023. The new rules will provide that:
CG10790 - Spouses and civil partners: dealt with separately
- separating spouses or civil partners will be given up to three years after the year they cease to live together in which to make no gain/no loss transfers
- no gain or no loss treatment will also apply to assets that separating spouses or civil partners transfer between themselves as part of a formal divorce agreement
- a spouse or civil partner who retains an interest in the former matrimonial home will be given the option to claim Private Residence Relief (PRR) when it is sold
- individuals who have transferred their interest in the former matrimonial home to their ex-spouse or civil partner and are entitled to receive a percentage of the proceeds when that home is eventually sold, will be able to apply the same tax treatment to those proceeds received when they transferred their original interest in the home to their ex-spouse or civil partner