We own 2 properties. Property A was purchased by my future wife in June 1987 for £70K . It was her main principal residence. In 2002 I purchased a half share for £60K
In 2003/05 we built a new house in the back garden of property A at a cost of £150K +
This house, property B, became our main principal residence from Sept 2005 until the present day, it will be sold in Sept 2017 for £475K
Property A had ongoing renovations from 2007 when it was rented as a holiday let for part of the time and tenanted at other times.
The cost of the renovations was £50K.The value of property A now is £325K
We assume that Property B, as the main principal residence, is exempt CGT, but Property A would be liable for CGT if sold
My question is, how much would the CGT be on property A if it was sold for £325K
a) for my wife and
b) for me , as we lived in property A for very different lengths of time. My wife for 18 years and myself for just 3 years
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