How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

I am in the process of divorcing where I will be agreeing to

Customer Question

I am in the process of divorcing where I will be agreeing to my wife taking on the full deeds of the family house (in joint names). I have bought a smaller house to live in. Will this change of title be subject to capital gains tax since I have bought and being living in a different house for 2 years and 2 months?
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Hello and welcome to the site. Thank you for your question.

You will escape CGT on transfer of title to your wife.
Although you have been living in a different house for 2 year and 2 months, provided the transfer takes place within 3 years of you moving out, you will be covered by private residence relief as it was your main residence at some point during the time that you owned it.

Confirmation of this can be found here - look at transfers in the tax year after you've separated
http://www.hmrc.gov.uk/cgt/intro/gifts-inherit-divorce.htm#3

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.



Expert:  taxadvisor.uk replied 3 years ago.

Hello David

I notice you have viewed my response to your question concerning capital gains tax implications of change of title of the family house ( JACUSTOMER-vad5r437- Last Viewed on 17/11/2013 at 14:34).

Just checking to see if you have any issues relating to your question that I may not have addressed.

Please let me know if I can be of further assistance.

If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to you.