cgt on sale of house

braineebird

Hi there.


On the face of it this might seem a very straight foreward question but I'm just not sure.


I bought a house with my now ex partner in Nov 2005 for £130000. This was paid for by the sale of my ex partners house (£84000) and the balance was paid by her brother. The deeds were in my partners and my name.


Unfortunately the relationship broke down and we had to sell the property which sold in Jan 2013 for £95000. The funds were split between us both.


Normally as there was a loss in the property of £35000 I know there is no capital gain. But as I put no money in to the purchase in 2005, Am I now personally liable for capital gains?


Thanks

purdyoaten

braineebird wrote: »

Hi there.


On the face of it this might seem a very straight foreward question but I'm just not sure.


I bought a house with my now ex partner in Nov 2005 for £130000. This was paid for by the sale of my ex partners house (£84000) and the balance was paid by her brother. The deeds were in my partners and my name.


Unfortunately the relationship broke down and we had to sell the property which sold in Jan 2013 for £95000. The funds were split between us both.


Normally as there was a loss in the property of £35000 I know there is no capital gain. But as I put no money in to the purchase in 2005, Am I now personally liable for capital gains?


Thanks

No capital gain was made on the property - no capital gains to pay. Individual contributions are irrelevant.

braineebird

thank you for that. I appreciate the fast reply