CGT due on reduced purchase price

[Hove81]

I jointly own a BTL property with my Ex and he is buying me out.

When we purchased the property we paid a reduced purchase price as we were buying it from his father.

Am I correct in thinking that for CGT purposes we use the Value at the time of purchase not the price paid? If so it reduces my liability!

Also, am I correct i thinking that you cannot offset your valuation fee or mortgage fees? but you can offset solicitors fees and SDLT?

Many thanks

[pawncob]

As it wasn't an arms length transaction, your FIL (?) should have declared his gain based on the MV at the time.

Your cost price will depend on whether you're married. If so, your half share would be subject to the MV adjustment. If not then it will be half the actual price paid.

Legal fees and SDLT can be offset against the gain (both purchase and sale)

[Hove81]

OK, thanks, We were not married so I'm presuming it will be the price paid then?