I don't think that's what happened. I think the court ordered how much of the house each owned. Bob 40% and Alice 60%. Bob didn't transfer anything to Alice and they just continued on with her living in it and he elsewhere.
CGT on home long after divorce
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Moolahasker
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Thanks for the replies!
For, hopefully, some clarification, all the numbers and every date is made up to make the numbers easier. I'm trying to make up a worked example. Looks like I caused more confusion by trying to do that! In reality, the house was bought before 2003 and is yet to be sold but I did calculations based on it being sold in 2016 to ease the years of ppr calculations. I didn't know about the indexation.
Also, I'm not Bob BTW
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I also would have thought this situation is relatively common by now, but there seems to be lots to clarify which can only be done with all of the correct details and an accountant.
Brendan also did the calculation based on number of years the house was/was not the ppr (ie the actual house value at the tine of moving out and at the time of divorce is not relevant), but other people seem to think the house price at the time of leaving or at the time of divorce was relevant. So I have some confusion about that still.
It seems it would be useful to have a worked example with whatever facts you want to make up?
Thanks for the part disposal document. I didn't know about that either. However, I've also read that "If you dispose of an asset to your ex-partner when you separate, you must pay CGT as normal. This is not required if the disposal is due to a court order" on the revenue site at en/life-events-and-personal-circumstances/marital-status/separation-divorce-and-civil-annulment/transfer-of-assets-and-property-between-former-partners.aspx ( I cant post links). If we assume that is the case for Alice and Bob, is part disposal in 2005 in the worked example relevant?
For, hopefully, some clarification, all the numbers and every date is made up to make the numbers easier. I'm trying to make up a worked example. Looks like I caused more confusion by trying to do that! In reality, the house was bought before 2003 and is yet to be sold but I did calculations based on it being sold in 2016 to ease the years of ppr calculations. I didn't know about the indexation.
Also, I'm not Bob BTW
.I also would have thought this situation is relatively common by now, but there seems to be lots to clarify which can only be done with all of the correct details and an accountant.
Brendan also did the calculation based on number of years the house was/was not the ppr (ie the actual house value at the tine of moving out and at the time of divorce is not relevant), but other people seem to think the house price at the time of leaving or at the time of divorce was relevant. So I have some confusion about that still.
It seems it would be useful to have a worked example with whatever facts you want to make up?
Thanks for the part disposal document. I didn't know about that either. However, I've also read that "If you dispose of an asset to your ex-partner when you separate, you must pay CGT as normal. This is not required if the disposal is due to a court order" on the revenue site at en/life-events-and-personal-circumstances/marital-status/separation-divorce-and-civil-annulment/transfer-of-assets-and-property-between-former-partners.aspx ( I cant post links). If we assume that is the case for Alice and Bob, is part disposal in 2005 in the worked example relevant?
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Well Moo/NotBob you could give us the actual years and facts if you want to get some kind of calculation. It would be an interesting exercise to see a worked example and you can be the first !
Yes indexation is very important. There is an indexation table. Just google.
And it's very clear you need a professional accountant for this.
Yes indexation is very important. There is an indexation table. Just google.
And it's very clear you need a professional accountant for this.
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