Hi , Scottish law . I have a property transferred to me by now ex husband. He had to pay the capital gains last year as he transferred this to me. I would like to sell the property next year. Would I have to pay more capital gains on it?
At present taxation is a reserved power the UK Parliament so CGT is the same throughout the UK.
There is exemption from paying CGT on your main private residence. Your ex would be liable for paying CGT because he no longer lived in the property. As long as the property is your main private residence there won''t be any CGT liability for you to pay.
I should have made it clearer.The property is a flat and not my main residence. It''s rented out at the moment. It was in joint names but was transferred to me at the divorce last year.He would have had to pay the capital gains on it on the transfer to me. Now if I am going to sell it will there be very little capital gains as he has already paid this?