We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Will I have to Pay CGT after being bought out
n_earnshaw
Posts: 59 Forumite
in Cutting tax
Hi all
Hopefully someone will be able to help me out with my query.
A relationship breakup is leading to my girlfriend looking to buy me out of our joint home. The house has a reasonable amount of equity left on top of the mortgage.
Does anyone know if I would have to pay any Capital Gains Tax in respect to this. (the amount I possibly will be getting is around £35k) The property was my main residential home and I've read that if you sell this then you don't pay it however it's technically not being sold. It's more like, I'm being taken off the mortgage and receiving the money in respect of that. All deeds etc were in both our names so everything about the house was "Joint"
Hope someone will be able to clarify. :-(
If you need anymore info, let me know and I will supply.
Thanks
Hopefully someone will be able to help me out with my query.
A relationship breakup is leading to my girlfriend looking to buy me out of our joint home. The house has a reasonable amount of equity left on top of the mortgage.
Does anyone know if I would have to pay any Capital Gains Tax in respect to this. (the amount I possibly will be getting is around £35k) The property was my main residential home and I've read that if you sell this then you don't pay it however it's technically not being sold. It's more like, I'm being taken off the mortgage and receiving the money in respect of that. All deeds etc were in both our names so everything about the house was "Joint"
Hope someone will be able to clarify. :-(
If you need anymore info, let me know and I will supply.
Thanks
0
Comments
-
No, you pay no cgt disposing of your (share of ) the principal private residence...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards