A father gifted to his son his half share of a property he jointly owned with his son as tenants in common. I need to calculate the capital gain on the transfer. I would assume that the value of his half share did not equate to half of the total value. If this is correct, what discount can I apply to reduce the value of the transferred 50% share - is there any empirical data available anywhere as HMRC guidance appears to merely state:
"Jointly owned property -If you own property jointly with other people, work out the gain for the share that you own."
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Yes the same principle applies for CGT as it does for IHT (just without the related property rules).
So basically you take your 50% value and discount it by 10%, as I recall.