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CGT son and mum
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Ariella123
Posts: 1 Newbie
in Cutting tax
Hi all quick question.
Myself and my son purchased my right to buy home 7 years ago.. I got ill health and moved on bf house officially (CAR license, voting, etc) about 18 months ago, pre that I kept my home as my main address for hospital correspondence etc..
I cannot find anywhere that tells me if I will have to pay CGT on my half of the property as son has never moved out.. I'm getting cross information that I won't pay as my bf house not mine, then I was told I will pay as I moved out, now I've read I won't pay as son always stayed there.. Please help as its time for my son to move on and establish his own way and I would like to invest my half for my retirement.. I also read that CGT won't be applicable if I transferred all my car, voting etc back to my house with my son for 1 year..
Myself and my son purchased my right to buy home 7 years ago.. I got ill health and moved on bf house officially (CAR license, voting, etc) about 18 months ago, pre that I kept my home as my main address for hospital correspondence etc..
I cannot find anywhere that tells me if I will have to pay CGT on my half of the property as son has never moved out.. I'm getting cross information that I won't pay as my bf house not mine, then I was told I will pay as I moved out, now I've read I won't pay as son always stayed there.. Please help as its time for my son to move on and establish his own way and I would like to invest my half for my retirement.. I also read that CGT won't be applicable if I transferred all my car, voting etc back to my house with my son for 1 year..
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Ariella123 said:Hi all quick question.
Myself and my son purchased my right to buy home 7 years ago.. I got ill health and moved on bf house officially (CAR license, voting, etc) about 18 months ago, pre that I kept my home as my main address for hospital correspondence etc..
I cannot find anywhere that tells me if I will have to pay CGT on my half of the property as son has never moved out.. I'm getting cross information that I won't pay as my bf house not mine, then I was told I will pay as I moved out, now I've read I won't pay as son always stayed there.. Please help as its time for my son to move on and establish his own way and I would like to invest my half for my retirement.. I also read that CGT won't be applicable if I transferred all my car, voting etc back to my house with my son for 1 year..
Whether that means there will actually be any CGT to pay will depend on the figures.
Moving back won't remove the liability.1 -
The facts are not wholly clear, but if OP moved into her boyfriend's house (not married, not civil partners, no interest in boyfriend's property), and moves back into the house owned with her son for a reasonable period of time, then it would appear that the rules on absence for up to three years for any reason would apply to extend the period qualifying for main residence relief:
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2024
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