Capital Gains Tax

GardenLover13

I understand why capital gains tax is paid and have the calculator, to work out the figures. However, have been divorced for 6 years and only now selling the jointly owned former marital home (ex still lives there) plus home that was being rented but is now empty. If the CGT is to be split 50/50, how does this work in practical terms? This I don't understand, any advice greatly appreciated.

tom9980

My understanding is that you each do your own calculation based on the % you own.

So a property bought for £100,000 jointly you actually enter £50,000 as the buying price. If it sold for £200,000 then your portion is £100,000. You each then are likely to have different private residential and letting relief calculations to make as well.

If you post relevant figures and dates someone will help with the calculation.

GardenLover13

Thank you Tom9980 

amlewis74

Trying to work out capital gain tax. I jointly owned a property with my dad who sadly passed away two years ago. I have the title deeds in my name as sole proprietor and value was £80000. I have since renovated at a cost of £35000 and the property is now valued £140000. If I sell do I place the value of the property at £80000 before the renovation or £40000 given that I jointly owned prior to my dad passing away? I’m a basic tax payer and this is not my main home. Thanks 

GDB2222

You acquired half the property for 50% of £40k and the other half for 50% of £80k.