Do I have to pay Capital Gains Tax???

twc58

My partners Mother died in January and she left a house to sell.(which was in my partners name)
My partner who previously lived in the house with his mother moved in with me after his Mother died.
He is concerned that he will have to pay capital gains tax when the house does eventually sell as that house was his main residence until his mother died.
The house he now lives in with me is his main residence now and this address is now where he pays council tax and is on voters roll etc.
Can anyone clarify?

Thanks

flexrider

Sorry i cannot be of any help However i suggest you Google "Capitial Gains Tax Rules". in a nut shell form your situition this statement may apply to you which is on the capitial gains website on property

You usually don't have to pay Capital Gains Tax when you sell, give away, exchange or otherwise dispose of your own home. But you may have to pay Capital Gains Tax when you sell or dispose of a piece of land or a property that's not your main home.

All that can be seen here
http://www.hmrc.gov.uk/cgt/property/basics.htm

SeniorSam

As it is your partners house and his principal residence which he has only been out of for a few months, then NO.

Sam

CLAPTON

can you clarify a little

who bought the house and when and for how much
was ownership transferred at any time : if so from whom to whom and when
who lived in the house : names and dates


but if he bought and owned the house and lived there until January 2011 then there is no cgt. (he would, in fact have that last three years cgt free)

twc58

his mam and dad bought house in 1976. house chnaged into all 3 names in 1998.dad died in 2005.he has lived their all adult life until January 2011.