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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am divorcing my husband and are selling family home we have

Resolved Question:

I am divorcing my husband and are selling family home we have owned it for 17 years and is mortgage free.its current valu 140,000 i have bought a small barn for 23,000 with a personal loan which i intend to make my home.
Q.would i have to pay capital gains tax on my share of the sale of the family home. if so what would the percentage be.?i am presuming i would get 50% of the 140,000
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

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

If you have been living in the property as your main residence, then any gain from sale of it would be covered by private residence relief and there would be no Capital Gains Tax payable.

More information on private residence relief can be found here - HMRC helpsheet 283

http://www.hmrc.gov.uk/helpsheets/hs283.pdf

I hope this is helpful and answers your question.

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