Good afternoon,
I purchased a second home with one other member of the family. I gifted half my share (ie 25%) to my wife a couple of years ago. A full market value for the property was entered on the transfer documentation as advised by my solicitor, reflecting the then current value.
When we come to sell the property what does my wife take as her deemed purchase or base cost? Is it a quarter of what I paid for the property originally? Or is it a quarter of the market value as at the time of the gift?
Also, do I alone claim half the original legal costs and any improvement costs against the gain or should we both claim a proportion?
And finally are replacement windows and doors allowable as an improvement expenses against CGT?
Many thanks
T
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