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Capital Gains Tax.....???!!!!???
starkiller
Posts: 98 Forumite
My partner and I have a mortgage agreement in principal based on both our salaries for a mortgage of £165k. Partner has a house which is mortgaged in his own name, and he is unsure as to what to do with it, 2 bed terrace, nice rental market in our area but can we be a**ed with being landloards, or sell it making £50k into the process. My question regarding CGT is if we purchase a house together wth the mortgage we have arranged, and then he sells his house, will he be liable for capital gains tax. Wasn't mentioned by the bank and they know the whole situation, it was just something a friend mentioned earlier today, and she has got me thinking.
Should we be worried??? your thoughts please.
Many Thanks
Starkiller XXXX
Should we be worried??? your thoughts please.
Many Thanks
Starkiller XXXX
0
Comments
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If you have lieved in a property as your principal private residence the last three years of ownership are exempt from CGT. So if you sell in the next 3 years you should be fine.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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