I have recently split with my partner and we are selling the house we jointly own. Any capital gains tax?
I am marrying my new partner and moving into his house. As his legal wife I will own 50% of the property. On the profit I shall make from the sale of the house I jointly owned with my previous partner (not married) will I be liable for Capital Gains Tax?
- kapnLv 71 decade agoBest Answer
Legal wife.........if I called my wife........Hey.......Legal Wife.........she would kick the @hit out of me..........since you owned part of the old house but none of the new house you will not have a capital gains issue.
- 1 decade ago
All above are correct.
Just to be clear though - you will completely avoid capital gains tax if you have always lived in that house (during your period of ownership) as your main house. If you owned another property it can be more complicated. Assuming you lived in the old house with the ex, its very straightforward - no tax! And there's no need to report the gain to HMRC either - you get automatic relief for your main house.Source(s): I'm a tax adviser!
- bill757051Lv 51 decade ago
(assuming you live in England & Wales)
... just to be clear. If you marry and move in to your new husband's house then that does NOT mean that you own 50% of the house! He will still own the house unless he changes the ownership with the land registry.
- dufilhoLv 43 years ago
you will owe capital tax at 15% on the a hundred,000 benefit once you sell it in spite of while she passes away. a much extra helpful plan is for her to maintain the call in her call and basically upload you because of the fact the beneficiary at her dying. it rather is named flow On dying or TOD. That way you nonetheless get the stepped up fee foundation to her dying fee to compute your benefit which may be 0 in case you bought it quickly after dying.
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- Geoff ELv 41 decade ago
No you dont pay capital gains tax on your home residence.
- 1 decade ago