When working out the value of assets for the 'pot' should sales fees and/capital gains tax be deducted, or does the pre-sale value get put in the 'pot' for division?
Obviously sales fees for a FMH are deducted in order to get an accurate amount for the 'pot' but is it the same for other assets like antiques?
It would seem fair to me to deduct any sale costs/CGT, otherwise the money in the 'pot' from that asset isn't actually available to split if it's sold - but I'm not sure if that's how it works with the court.
Yes, the notional costs of sale are deducted to reach an accurate figure. The same goes for CGT although that is a grey area and a CGT report is often required (my firm used a local accountants firm that charged around £350 + VAT for that report).
Antiques? I've never heard of these being treated differently but is depends upon what value we are talking about. Generally, anything over £500 should be detailed but if there are thousands of items each with a value of £499, it can be tricky.
Thanks Charles. The assets in question have been valued as a whole at just under £200k, so the sale fees are significant as it could only be sold by auction and there would be gains of well over £100k to consider for CGT.