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Tax Issues

Capital Gains Tax (CGT) is a tax on the increase in value of something during the period you have owned it. CGT may be due when you sell, give away, transfer or otherwise dispose of something. There may be CGT payable on a transfer of property between you and your spouse or civil partner on a sale of the property. CGT is of particular relevance when a couple own a second property and/or one person has moved out and purchased a separate property.

In general, there is no CGT when you dispose of your only or main home (or your share in it). So, whether you are married or in a civil partnership, transferring or selling your share of the home to your former spouse or partner at the time you split up is likely to be free of CGT. But the situation is more complex if you move out and make the transfer or sale later on. There may also be CGT to pay in some particular circumstances, such as if you ran a business from home. See Managing money – tax

In some situations, you may also need to consider inheritance tax (a tax on the value of things you give away). See Managing money – tax

This is a complex area and you should speak to a solicitor and/or a tax adviser to see whether you will need to pay any tax so that you can take this into account when discussing a financial settlement - see Useful links.

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