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CGT on FMH sale

  • MrCrispy
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11 May 21 #516683 by MrCrispy
Topic started by MrCrispy
Hi and thanks for taking the time to have a look at my question.

I have been sparated / divorced from my ex since I moved out in 2017.

The house is almost sold and in the mean time I have been in rented accomodaiton.
I have not bought another property (yet)

The question is, given I do not own another property, will I be paying CGT?

I find the info available online very confusing and just need something simple.

Feel free to tease out any info needed.

Thanks.

  • john194235
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11 May 21 #516685 by john194235
Reply from john194235
This is pretty clear :
www.gov.uk/money-property-when-relations...20your%20main%20home.

Having read this and based upon what you said about a split in 2017 I think it indicates you may be liable for capital gains.

Hope this helps.

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11 May 21 #516686 by MrCrispy
Reply from MrCrispy
Thanks for the reply. But It's not helping to clarify things.

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11 May 21 #516688 by john194235
Reply from john194235
Sorry I thought it was clear based upon these two paragraphs:

If you transfer an asset when you’re separated:
If you lived together at any point in the tax year that you transferred the asset, the normal rules for spouses and civil partners apply.

Otherwise you may have to pay Capital Gains Tax.
You’ll need to get a valuation of the asset on the date of transfer, and use it to work out the gain or loss.


So if you lived with your partner in the tax year you transfered the asset you dont pay CGT, otherwise you may be liable.

Is there other information that needs to be considered?

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11 May 21 #516689 by john194235
Reply from john194235
And this may help:

Your spouse or civil partner:
You do not pay Capital Gains Tax on assets you give or sell to your husband, wife or civil partner, unless:

you separated and did not live together at all in that tax year
you gave them goods for their business to sell on

www.gov.uk/capital-gains-tax/gifts

Obviously you will have the CGT allowance for that year, details here:
www.gov.uk/capital-gains-tax/allowances

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