Hello Tom, I'm Keith and happy to help you with your question.
My immediate questions are was the property ever let and did you ever occupy it as your sole or main domestic residence?
However; offsetting the GGT load:
2. Reduces the selling price.
3. Transfer costs inflate the value on acquisition thus reducing the capital gain. Solicitor's fees on selling reduces the selling price still further.
4. Added to the acquisition price to reduce the capital gain still further.
That exhausts the available expenditure. Although these costs are not substantial they do reduce your exposure to CGT; as the TV advert says 'Every little helps.' You also have your Annual Exempt Allowance of 11K, assuming you exchanged contracts for the sale in the 14/15 tax year. That knocks nearly a quarter off, say 3K, better than a poke in the eye with a sharp stick.
I do hope I have helped to relieve a little of the gloom.
I did occupy the property as prime residence from 2004 to 2009, when I separated on divorce and moved to rented before buying a flat. My wife remained in it under court order with my daughter until we sold it in April this year. So it was her prime residence. Can you just clarify something, the gross CGT is £90,000, before I deduct any of what we discussed, is this shared 50 50 with my ex wife and I as it is in joint names, so I am liable to pay £45000 gross, or am I liable to pay the whole £90000 as my wife does not pay CGT as it is her prime residence on selling ? We shared the sale proceeds of the house 50 50.
Truly happy :) Thanks for this advice.