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FMH Capital Gains Tax

  • Ophelia_19
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18 Jul 21 #517299 by Ophelia_19
Topic started by Ophelia_19
Hi,
My father moved out of the FMH in March 2020 and has been living with me since. He has paid ALL outgoings for the FMH and my mother has contributed nothing towards them. We have just been told that upon sale of the house he will lose 28% of the proceeds of the sale in Capital Gains Tax due to the financial part of the divorce not been settled within 9 months. Is this correct and how on earth is that even possible?
Any advice would be so grately appreciated.
Thanks

  • hadenoughnow
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20 Jul 21 #517311 by hadenoughnow
Reply from hadenoughnow
AFAIK CGT is only payable on the increase in value of the property since the date he left permanently. Unless he has had other capital gains, there is, I believe, an allowance against which this can be set.
If CGT is payable, there is no reason why it cannot be paid from the proceeds of sale before they are divided.
Why is he still paying all the costs of the FMH?

Hadenoughnow

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