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Capital Gains Tax

EmsieLou
EmsieLou Posts: 1 Newbie
in House buying, renting & selling
Does anyone know the situation with capital gains tax regarding a former marital home. My husband and I separated in january this year and myself and our children left the marital home to rent as we could not stay. The marital home is now up for sale but I am worrying if Hmrc will land me with a capital gains tax bill as we previously had sold a second home in 2008 and although I had been a housewife and still am they still send me a tax return each year. So am worrying now that as I am living in another accommodation which I had to do for my own safety, they will hit me for another cgt bill. Any advice would be gratefully accepted

Comments

  • TrickyDicky101
    TrickyDicky101 Posts: 3,541
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    If the property that is now being sold was always your primary residence during your ownership you will have no chargeable gain on sale, so no CGT payable.
  • silvercar
    silvercar Posts: 51,459
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Ambassador
    You have three years from when you leave before there would be any CGT to calculate, let alone pay.
    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.
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