CGT on a joint property which was transferred to me

Hi, I owned a btl flat 50/50 bought for £120000 with my ex husband in 2016. He transferred his 50% to me after divorce and it was valued at £140000 at transfer. He paid CGT for this disposal at the time. If I wish to sell, do I calculate CGT based on 100% of the gain from £140000, and from 50% of the gain from £120000 to £140000? Thanks.

Hi,
You acquire the propety in 2 stages, so to work out your acquisition cost you take 50% of the value when purchased and add this to 50% of the value of when you acquire the second 50%. This is your acquisition cost and is deducted from the disposal value. To help you work out your gain, there is a calculator below, which includes a link to register for a capital gains account and report and pay any gain within 60 days of the completion date.
Tax when you sell property
Thank you.

I have a follow on question to the above. If the property was subsequently rented out is the Private Residence Relief also calculated in two stages: Jointly purchased 2001 Divorced and one spouse bought out in 2009 Rented out so longer main residence of remaining spouse - 2014 Sold by remaining spouse - 2024 PRR of initial 50% calculated using 2014 back to 2001 timeframe PRR of second 50% calculated using the 2014 back to only 2009 timeframe Is this correct or is the PRR just calculated on the 2014 back to 2001 as it was the main residence of the remaining spouse for the entire period? Thanks

Hi,
Private residence relief only covers the period that the property was you main residence.  It is the total number of months that the property was your main residence, plus an additional 9 months, over the total number of months you owned the property.  This give a fraction which is applied to the gain and gives an amount of relief to deduct from the gain.  Please take a look at the helpsheet HS283 at:
HS283 Private Residence Relief (2024)
Thank you.