I hope this is helpful and answers your question.
I cannot understand why if we separated and one of us moved into the flat one of us would be liable for C.G.T would it make a difference if we changed the land registry and had one place each
Ronald, thank you for your reply.You could not claim exemption from CGT retrospectively.There are special rules pertaining to CGT that come into play where there is a separation or a divorce.I would like you to read the information under the heading "transfers in the tax year of separation" and "transfers in the tax year after you've separated" here
I hope this is helpful.
I have read the relevant articles but still cannot find a definitive answer to my questions, I took out a £150,000 loan on our house on an interest only loan for 10 years which is due to end in 2019. to buy the flat for my son who is subject to the proceeds of crime act and could not put it in his name. He has been paying the interest loan since it started. He now wants to move but as the flat is in our names we would be liable for C.G.T. which we do not feel that we should be liable for. The flat is now valued at some £400.000 but after the loan is repaid he would have paid over £200,00 plus £30,000 for the lease extension and several thousands more for the renovation of the flat although all of this is in our names, would we be able to offset these costs against C.G.T.
Thanks for that, please just clarify the 11,000 is that £11,000 each for my wife and I after our own personal tax allowance of £10,000 each as we are pensioners or does our pension count against the £11,000
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