Tax on sale of family home after separation

[leonvquinn]

For some reason I can't find any clear info on this online anywhere and after talking to accountants and citizens advice but I would have thought it's a fairly common question!?

I'm separated 7 years and have been renting since then while my ex wife stayed in the family home. The divorce is currently going through court but it's amicable. We share custody of the kids 50/50.

We're planning on either:

1. Selling the house and splitting the proceeds in half..

Or

2. Having her new partner buy out my half.

There's no mortgage on the house. I bought it in 2011 for cash with the proceeds of my inheritance.

I simply wanted to know if either of us will have to pay tax on the sale and if so how much is it likely to be?

 

[Brendan Burgess]

I am not a tax specialist, but this happens all the time.

As it was her PPR for the whole period of ownership, there will be no CGT.

 

[Brendan Burgess]

2. Having her new partner buy out my half.

Make sure that if this is the plan, that it is rock solid and that if they can't get a mortgage to buy out your half, that the house is sold.

 

[ClubMan]

Any use?

Tax implications for future sale of family home as part of separation agreement

I'm in the later stages process of separation with divorce going before courts soon. I h have been renting for the past 15 months. The soon to be agreed divorce separation stipulates that she and the kids are to remain in the family house. the agreement see her the kids stay in the house until...

www.askaboutmoney.com

 

[leonvquinn]

Any use?

Possibly, thank you!