My client, a husband and wife, have gifted the whole of a jointly (50/50) held rental property to their daughter in one go. Assuming a 10% valuation discount for a 50% interest can be justfied, would the deemed proceeds for CGT for each Spouse be Total value of the property x 45%, or would the 2 transactions need to be aggregated for valuation purposes i.e. Total value x 50% for each spouse? I can't work out whether the rules on linked transactions would apply in this scenario.
Guidance much appreciated.