CGT & Interspousal Transfer

[pushat]

Hi all, your help would be greatly appreciated!

Property purchased in 1996 for £45K, lived in for five years then let ever since. In 2015 I added my wife as joint owner, 50/50. It has now sold for £500K.

Am I now right in thinking that my wife is deemed to have purchased it for £45K due to the transfer? I understand she will NOT get PPR relief as it has been let since she became the joint owner (and as such no Letting Relief).

[AGoodman]

Basically yes, she is deemed to have bought her half share for £22.5k.

[pushat]

Basically yes, she is deemed to have bought her half share for £22.5k.

Thank you, I was 99% certain just needed confirmation. Cheers!