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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34142
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My friend is getting divorced and it is amicable. There is

Customer Question

My friend is getting divorced and it is amicable. There is no formal written divorce settlement. Decree absolute will be in 6 weeks. There is a verbal agreement that the family home will be sold end of this year/next year and she will get £100,000 from it. Very simply does she have any tax implications on this ? Her name is XXXXX XXXXX the deeds. Thanks.
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question
My name is Claire and I shall do my best to help you but I need some further information first.
I hav eto ask - does she trust her ex to honour the agreement?
Claire
Customer: replied 3 years ago.

Yes she does its very amicable and I agree its unusual but its what she wants to do. Really the question is just about tax liability on the £100,000. Thanks

Customer: replied 3 years ago.
Relist: Incomplete answer.
Expert:  Clare replied 3 years ago.
Hi
My apologies for the delay
That is fine.
When did she leave the property?
Claire
Customer: replied 3 years ago.

No problem. She is still resident there.

Expert:  Clare replied 3 years ago.
Hi
Then provided the payment is made within the next three years there are no tax issues involved.
I hope that this is of assistance - please ask if you need further details
Claire