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Separation, moved in rented accomodation, CGT when selling the house????
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Coume
Posts: 34 Forumite
in Cutting tax
Hello there,
My ex and I have separated and I had to move out of our jointly owned house.
She is still leaving there with the kids and I am in a temporary rented accommodation.
As I am not living in the house currently, that I am on the electoral roll at a new address, etc., is my primary tax house my rented one or the home I partly-own?
I am wondering if I would be liable for the CGT when we sell the house as I am not currently living in it...
Thanks in advance
L.
My ex and I have separated and I had to move out of our jointly owned house.
She is still leaving there with the kids and I am in a temporary rented accommodation.
As I am not living in the house currently, that I am on the electoral roll at a new address, etc., is my primary tax house my rented one or the home I partly-own?
I am wondering if I would be liable for the CGT when we sell the house as I am not currently living in it...
Thanks in advance
L.
0
Comments
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You are not renting it out. The CGT would start from the time you leave and you get some quite reasonable relief's so it's unlikely you'll pay anything.
Can she buy your share of the equity from you and transfer the mortgage and title into her own name?:footie:Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
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if you are married then you have one main residence between you. However you will have separate individual residences for CGT purposes from the earlier of:
a) the date your separation is deemed to be "permanent", or
b) the date of your divorce
so if married it sounds like you are already at the permanent separation stage - you might find this useful for both CGT and tax generally? https://www.gov.uk/government/publications/husband-and-wife-civil-partners-divorce-dissolution-and-separation-hs281-self-assessment-helpsheet
if not married then yes you are liable for CGT as you cannot claim the house you own is your main residence when patently it isn't even if you are only renting elsewhere.
As HappyMJ says, it is highly unlikely you will actually hit a level where you reach a liability threshold that means you have to pay any CGT for several years yet.0 -
Thanks.
I am not sure to understand the liability threshold concept
We are not married.
The house was purchased through Help To Buy as Joint tenant, 18-month ago....
When selling 20% would go back to the Gvt, we would pay off the massive 75% mortgage, and I would expect to get 50k max each back. Would that trigger any CGT liability close???
Thanks
L.0
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