The family home - CGT and divorce

sonny_c

Good afternoon, I hope someone can advise as I’m trying to determine how much CGT I will be exposed to.

Me and my wife have not lived together since March 2019. I moved out of the marital home and purchased a flat October 2019. We bought the marital home approximately 20 years ago for £32,000 and had a house extension for £48,000. There is no mortgage on the property and current market value is £150,000

We have started divorce proceedings and my wife plans to continue to live in marital home. My share £75,000

olleym

£150,000 - £32,000 -£48,000 = £70,000
Your 50% share £35,000
Owned  for 20 years, lived there for 18, 18/20 of the gain covered by PPR, so taxable gain is 2/20 of £35,000 = £3,500
As that is below the annual exemption there will be no tax and no requirement to report it to HMRC.

[Deleted User]

olleym said:

£150,000 - £32,000 -£48,000 = £70,000
Your 50% share £35,000
Owned  for 20 years, lived there for 18, 18/20 of the gain covered by PPR, so taxable gain is 2/20 of £35,000 = £3,500
As that is below the annual exemption there will be no tax and no requirement to report it to HMRC.

This has been fully explored on the op’s duplicate thread. (You missed out the last nine months which is added to the PPR)