deano1

I have been reading the CGT guidelines regarding disposal of a house that is owned 50:50 with my spouse. I just want confirmation that my interpretation is correct please. I bought my house in 1985 for £57k. I moved in with my wife and I rented out the property and subsequently I changed ownership to 50/50 with my wife. We are now selling the property and after considering legal and estate agent fees the gain will be £234k. For private residence relief, the property was a home for 156 months and rented for 190 months (Total 346 months). Therefore, I have calculated the total relief as 156 +9 = 165 months out of 346. Therefore, the relief is 165/346*100= 47.7% . Therefore,47.7% of the £234k gain = £111,618 relief. As we own the property 50:50 am I correct in stating the following on the CGT form for each of us? Purchase amount is £28.5k (£57k / 2) for each of us Gain as £117k (£234 / 2) Private residence relief as £55,809 (£111,618 / 2) Taxable gain = = £61,191 (£117k-£55,809) Many thanks for any help