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capital gains tax

  • eilidh
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08 Jul 12 #341990 by eilidh
Topic started by eilidh
My now ex husband and I were joint owners of a flat/ He signed this over to me last year at our divorce. My solicitor said that my ex would have to pay the capital gains tax on the flat.We never lived in it but bought it in 2000 and rented it out.
I would now like to sell the flat. Will I have to pay capital gains on it when I sell it?Or will it be a proportion? I on''t really understand it.

  • maisymoos
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09 Jul 12 #342051 by maisymoos
Reply from maisymoos
www.direct.gov.uk/en/moneytaxandbenefits...uidetotax/dg_4016313

This may help although I am not sure if Scottish laws are different?

  • Fiona
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09 Jul 12 #342053 by Fiona
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As I understand it your ex-husband should have paid capital gains on his share of the property when it was transferred to you. That means you would be liable to pay your share until the property was transferred and tax on any capital gain accrued since then. There is no CGT to pay for the last three years of ownership.

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