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Buying out husband from property
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Roryboy2011
Posts: 10 Forumite
Hello, my husband and I are separating and he has asked me to buy him out of our house which we own as tenants in common. I am trying to raise the money using lump sums from my pensions. If I can raise the money and get him removed from the deeds would he be liable to capital gains tax on the money I have given him?
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Comments
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Providing he has lived in it as his main home, he won't be liable to CGT or any other tax on the money you have given him.
Have you looked into getting a mortgage for part of the money you need to give him. Withdrawing from pensions might allow you to buy him out, but then you will have a very much reduced pension, which is not good. It mightbe better to borrow some money and pay it back from your higher pension. Have you taken any financial advice about your options?The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0 -
You might be better obtaining a Pension Sharing Order rather than crystallising the pension to wihdraw cash.0
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thank you for your reply. I would be taking my pension 6 years early and my plan is to keep working for those 6 years and put AVC's into my workplace DC scheme. My thoughts are that when I retire I would then sell the property and downsize to release the equity. I will take some financial advice before I make any final decisions, I am just trying to get my head around everything and work out what questions do I need to ask.tacpot12 said:Providing he has lived in it as his main home, he won't be liable to CGT or any other tax on the money you have given him.
Have you looked into getting a mortgage for part of the money you need to give him. Withdrawing from pensions might allow you to buy him out, but then you will have a very much reduced pension, which is not good. It mightbe better to borrow some money and pay it back from your higher pension. Have you taken any financial advice about your options?0
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