Hi
Case: Non-married couple purchase a house and live there for four years. Split up and one makes a payment to the other, name removed from deeds and property is remortgaged by the single owner. Entire property is then rented out for a few years and now the owner wants to sell so CGT arises (with abatement for the number of years of PPR).
Is the acquisition cost calculated as the sum of (purchase price x 0.5) plus the payment to buy the other party out?
Or
Is the market value at time of the split somehow taken into account?
Or
Can the current owner claim for the full acquisition cost even though both parties were on the deeds & mortgage.
Apologies if it's an obvious question but can't seem to find these circumstances on Revenue website or anywhere else.
thanks
Case: Non-married couple purchase a house and live there for four years. Split up and one makes a payment to the other, name removed from deeds and property is remortgaged by the single owner. Entire property is then rented out for a few years and now the owner wants to sell so CGT arises (with abatement for the number of years of PPR).
Is the acquisition cost calculated as the sum of (purchase price x 0.5) plus the payment to buy the other party out?
Or
Is the market value at time of the split somehow taken into account?
Or
Can the current owner claim for the full acquisition cost even though both parties were on the deeds & mortgage.
Apologies if it's an obvious question but can't seem to find these circumstances on Revenue website or anywhere else.
thanks