ChrisDB

My wife and I purchased a buy to let property in 2011 as tenants in common with ownership split 1% myself and 99% my wife, as I was a higher rate tax payer. We are in the process of selling the property and changing the ownership to 50/50 to take advantage of both Capital Gains Allowances, a Declaration of Trust has been prepared by a solicitor to reflect the new 50/50 ownership, and a Form 17 will be issued to HMRC to register the new basis of ownership. However when calculating the capital gains on completion of the sale are we allowed to simply split the capital gains (profit) 50/50 assuming that we each paid 50% of the original price and each received 50% of the selling price as per the new Declaration of Trust; or does the profit have to be calculated based on our original respective purchase price ie 1% of the original purchase cost for myself and 99% of the purchase cost for wife, as this would lead to a large profit for myself and a large loss for my wife.