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TaxRobin
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IF ME AND MY GIRLFRIEND HAVE BOTH OUR NAMES ON 2 HOUSES (MORTGAGES)

Customer Question

IF ME AND MY GIRLFRIEND HAVE BOTH OUR NAMES ON 2 HOUSES (MORTGAGES) BUT LIVE IN SEPERATE PROPERTYS .DO WE PAY CAPITAL GAINS TAX IF SHE SELLS THE PROPERTY SHE LIVES IN ? ( WE RE NOT MARRIED), I LIVE IN ONE HOUSE AND SHE LIVES IN THE OTHER , BOTH BEEN LIVING IN SEPERATEPROPERTYS FOR YEARS. .
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello and thank you for posting your question.
If you live in - not just own - more than one property you can 'nominate' one as your main home.
As you both live in your own homes but are joint owners of each, the one that does not use the residence as their main home would have a possible capital gain and would pay tax on their portion of the sale on either property.

Customer: replied 3 years ago.

hi , so if the profit was split 50/50 then only i ( non resident in sale property) would be liable for capital Gains? 18% of the profit minus expenses and my tax allowance of £ 10900 ?

Expert:  TaxRobin replied 3 years ago.
Yes, you would split the property based on what your ownership interest is in the property. If that is 50/50 then your split would be same.
Expert:  TaxRobin replied 3 years ago.
The capital gain rate may be a mix of 18% and 28% depending on level of annual income , you and your girlfriend's liability may be greater.

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