Shared ownership of property (changes throughout ownership)

I purchased a house in 1999 to live in with my Fiancé. The property was bought and registered to me originally. We got married in 2000, then moved out of the property in 2001 when I began renting it. In 2008 we re mortgaged the property and became 50/50 owners. The property is now being sold and the renting has finished. In order to calculate "our" shared CGT liability do we do this as a 50/50 assessment as of today, or have to work out the proportion of when I was sole owner up till 2008, then work out the individual share after then till now?

Hi,

It will be 50/50 from the date purchased as by remortaging it you have gifted half to your wife.

Capital Gains Tax

Thank you.

Thank you for your reply. I understand that as the rental period and income is now ceased no further costs (repairs or final maintenance work to make the property back to a good condition) can be offset against the rental income. Can I offset any final repairs, material & logistic costs against the CGT to make the property fit for sale?

Hi,
Only those expenses that fall into the category of  'capital expenditure' can be offset against Capital Gains. Examples of capital expenses thast would normally be allowable are (a) adding an extension (b) installing a security system id there wasn't one before and (c) replacing a kitchen with one of a higher specification.    
Detailed guidance on what qualifies as capital expenditure is provided at:
CG15150
CG15292                        
CG15150P      
Thank you.                    

Hi, A question about capturing scenarios where a change in ownership % has occurred and uploading this using the tool. Scenario: Ownership in 2020 was 40% but increased to 60% in 2022 before final sale in 2024. In the tool it asks for the disposal date and market value of the share upon disposal. (60%) But for the acquisition, there is not a way in the tool to indicate that this was for a smaller share (40%). Do I need to submit two calculations separately? Or do I need to upload a chronology in the supporting documents? Perhaps I am missing something obvious. Thanks

Hi ,
 

You will take the value for each transaction and add them together and this is your opurchase price. The date of the fist acquisition is your purchase date. You will provide the further breakdown of your calculations as an attachment . Thank you .