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Sorry but I'm still confused! Let's say the house is worth £600,000. He left a year ago, which I think has implications in the Private Residence Relief thing. We were not married. It has been my only place of residence since we bought it 25 years ago. I suppose I would gain as I get the property?
From what you wrote, it appears neither of us would have to pay any tax?
I am trying to assess whether it is worth my foregoing his voluntary maintenance of £600pcm and attenpting to get him to give me the rest of the house instead.
sorry - not used to this sort of thing!
Sorry - i feel really stupid - " a new basis" of what?
I get the impression there is a lot of info I don't know about property! I've never heard of an exclusion of gain on a residence.
The HMRC website says that you don't pay CGT if the property has been you main place of residence; since September 2013 it's not been my ex's residence - he's renting elsewhere. Does this matter to him?
It seems to me that if I gain the value of half the house, and haven't actually paid for it, somewhere along the line I will be made to pay for it! You seem to be saying that this won't be the case, and he won't be out of pocket either (apart from losing his holding in the joint property)
Maybe I should revisit this in the morning??!
Ok. That makes sense. I envisage I would be living here when/if I sell. And neither of us pay anything at this stage if he agrees to do this