Capital Gains Tax on a UK house, while living on the Isle of Man

sherringham2001

I moved to the Isle of Man over a year ago and I am now engaged to my partner, and we live in their house that they own. I own the majority of a house in the UK with another relative and that relative lives in that house, and it is a house we acquired through an inheritance. If me and my relative decided to sell the UK house after I marry, will I need to pay capital gains tax for my share on the UK house? I work in the Isle of Man and we don't have capital gains tax here, but as the house is in the UK, I am guessing it is subject to UK capital gains tax laws.

RAS

Do you actually own part of a house, or is there an IPDI trust of which you are the beneficiary? What exactly does the will say? If you don't know, it costs £1.50 to download the will from the Probate Registry.

It might say, I bequeath my house to A&B jointly, absolutely. Or it might say I bequeath my share in the house to sheringham2001, provided that A can live in the property rent free until their death or they sell the property? 

Has a major affect on whether you will owe CGT. 

Keep_pedalling

RAS said:

Do you actually own part of a house, or is there an IPDI trust of which you are the beneficiary? What exactly does the will say? If you don't know, it costs £1.50 to download the will from the Probate Registry.

It might say, I bequeath my house to A&B jointly, absolutely. Or it might say I bequeath my share in the house to sheringham2001, provided that A can live in the property rent free until their death or they sell the property? 

Has a major affect on whether you will owe CGT. 

If the later, depending on the terms of the trust set up by the will, the proceeds may also stay in the trust for the benefit of the lite tenant.

sherringham2001

Thanks for the replies, when the will was made it was shared out between five people. I think it said that myself or other relative can live there as long as they need a residence there, but I will double check tonight. I bought out the other three people, as I was planning to stay there, but life happens and now my other relative lives there, but they also have another house that they let another relative live in. Currently the other relative who lives there has a house, but my majority share on this house is my only interest in a property anywhere. When I get married I am signing a prenuptial agreement, that if I separate from my wife, I won't claim her house on the Isle of Man and she won't claim my share of the house in the UK.