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Where Taxpayers and Advisers Meet

Transfer of property on divorce

steven13
Posts:26
Joined:Sat Nov 11, 2017 3:32 pm
Transfer of property on divorce

Postby steven13 » Thu Jul 08, 2021 6:36 pm

My wife and I own a Buy To Let property. We are in the process of an amicable divorce and part of the financial settlement agreed with the Court is that she will take the Buy to Let property.
If it is transferred prior to the Divorce absolute do I still pay Capital Gains Tax on the gain arising from my share?
Secondly on the basis CG tax is payable where can I obtain details of my original cost, namely amount paid and date of purchase. Lost all paperwork, and although I know roughly , better get it accurate for HMRC.

Samson22
Posts:53
Joined:Mon Aug 17, 2020 10:54 am

Re: Transfer of property on divorce

Postby Samson22 » Fri Jul 09, 2021 7:36 am

My understanding is yes Cgt would be payable. As for price paid bought after 1995 the land registry deed should have price paid check zoopla to confirm. If not getting a number of surveyors to state the value when bought and now and choose the middle valuation.

Jholm
Posts:219
Joined:Mon Mar 11, 2019 4:22 pm

Re: Transfer of property on divorce

Postby Jholm » Fri Jul 09, 2021 8:54 am

You can transfer assets between yourselves, free of CGT, throughout the tax year of separation. Thereafter, until decree absolute, you are deemed connected persons and all transfers for CGT will take place with deemed proceeds at market value.


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