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Is CGT payable when buying ex-spouse out of marital home?
nicky22
Posts: 9 Forumite
in Cutting tax
My ex-husband and I separated 10 years ago and divorced 3 years ago. At the time of separation he moved out and purchased another house and I remained in the marital home, which we own jointly (he has continued to pay half of the mortgage since he moved out). He now wants to sell the house. I want to remain in the property so I would like to buy him out. I understand that if the property was sold he would have to pay Capital Gains Tax on his half of the gain as the house is not his main residence, but I would not. But if I were to buy him out of the property would he have to pay CGT on the money I give him? Thanks a lot.
0
Comments
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Yes, he'll be liable to CGT but will be able to claim some private residence relief for the time he lived in it as his main/only home.0
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