My wife and I own two flats which are occupied by the two children. The term of the leases were such we went through the statutory process of extending the leases. The price we paid was based on a complicated formula but in essence it compensates the landlord for the loss in the freehold value and shares the enhancement of value of the flats between the two parties. Therefore, the price we paid was lower than the increase in value. We want to transfer the flats into the children's names.
Can it be argued for CGT purposes that it is the increase in value and not the actual costs that should be deducted for tax purposes and since the costs were incurred some years ago how is the passage in time dealt with in these circumstances?
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