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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My daughter owns a house with her ex husband. They are now

Resolved Question:

My daughter owns a house with her ex husband. They are now selling. The purchase price 7 years ago was £173500. The sell price is £235000. They will be paying 1.75% to estate agents and £800 in solictors fees.
Will my daughter have to pay capital gains tax on her share of the profit? Her ex husband has said that he will not have to pay any. Does it depend on what she is earning? At this moment in time she is out of work but is looking for a job. She was earning in the last financial year.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

Can I assume that the ex-husband is still living in the property? Where does your daughter live? Does she own another property which she lives in? Can you tell me when the house was bought (month and year) and when your daughter moved out (month and year)? Did she live in the house between the date of purchase and her moving out?
Customer: replied 1 year ago.

My daughter still lives at the house. They bought the house between then November 2006. So that actually makes in 9 years ago that they purchased it.

Expert:  TonyTax replied 1 year ago.
Thanks.

The gain for the period that a property is your only or main home before it is sold will be tax free. Even if both your daughter and her ex-husband moved out, they would have 18 months after doing so to sell it CGT free. Assuming they have both lived there for the entire period of ownership, neither will have any CGT to pay.

Take a look here for more information.

I hope this clarifies matters but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15840
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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