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CGT Second Home after divorce
gaz1158
Posts: 2 Newbie
in Cutting tax
I just need some advice, I bought a house with my then wife in 2004, we divorced in 2008 and I bought her out. I then bought another house in 2015 which I moved into and rented out the former marital home. I am now thinking of selling the former marital house but what I want to know is, when calculating the CGT, am I right in doing this from when I became the sole owner in 2008 at that value?
0
Comments
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No. The gain would be apportioned:
Total gain multiplied by
period while main residence plus nine months
__________________________________________
total period of ownership0 -
Assets acquired from a spouse while living together retain the original spouse's base cost, but when separation or divorce are relevant, see:
https://www.gov.uk/government/publications/husband-and-wife-civil-partners-divorce-dissolution-and-separation-hs281-self-assessment-helpsheet/hs281-spouses-civil-partners-divorce-dissolution-and-separation-2020
The rules have changed since then, which is why I have linked to an older version of the help sheet.0
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