Hello there
What is the cost basis calculation (for CGT purpose) of a property that was transferred from one spouse to the other under a divorce settlement, before being sold 5 years later?
I know that at the point of transfer there was no Capital Gain Tax to be paid, as it was the only and main residence of both spouses.
However, the property was sold 5 years later, thus there could be a CGT to be paid and I need to find out what is the HMRC approach to calculating the cost basis of the property at the time of the transfer?
Does anybody know the answer to what HMRC says? Is it market value at the time of the transfer? Or...?
Thank you very much.
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