HI,
First, a massive thanks to you all. I've used this forum extensively over the years and have only now reached the point where I can't find an answer by searching (although I'm sure it will be hidden somewhere).
Here's the order of events...
2003 my now wife bought a flat as her primary residence.
2007 50% of the property is 'gifted' to me as her spouse, but I never ended up living in the flat as we promptly moved and let the flat out.
2015 we sell the flat
AIUI...
a) For CGT purposes I acquired the asset on the date of the 'gift' and the value is assumed to be 50% of the original purchase price (including all legal fees, stamp duty etc).
b) I am not liable for any PPR as it was never my Primary Residence.
c) I can include 50% of the costs associated with disposal (legal fees, estate agents fees etc) as additional 'allowable expenses'
This puts me just over my CGT allowance, so I have a relatively small amount of tax to pay.
The question:
1) Can I include the legal fees associated with the 'gifting' of the property as 'allowable expenses'?
2) If I can, I assume only 50% of the actual fees?
Many, many thanks in advance,
Mike
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