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Posted Tue, 16 May 2023 11:49:07 GMT by
As title, spouse recently gifted me 50% of a rental property after the tenant left in March. We have jointly decided to sell. I am trying to understand our CGT liability. As far as allowable expenses are concerned: 1. Can we claim for legal fees for the 50% transfer of ownership, and if so would those expenses be split 50:50? 2. Obviously the expenses incurred in purchasing the property were wholly the responsibility of my spouse back in 2016, although we are sharing the sale expenses 50:50. Do we also split the purchasing expenses 50:50 (like the sale expenses), or are the purchasing expenses only claimed by my spouse as I wasn't involved in the initial purchase? Thank you.
Posted Tue, 23 May 2023 07:34:38 GMT by HMRC Admin 19
Hi,

You cannot claim the legal fees for the transfer expenses and the purchasing expenses as these will be solely on your wife.

Your cost price for the property, is half the purchase price paid by your wife in 2016.

Thank you.

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