Approx 35 years, bought for £8,500, moved out into rented flat 3 years ago, ex wife continued to live there till sale.
Thank you for your prompt reply.The property has been your main residence for nearly 32 years before you moved out.Based on this information approx 29/32 years or 90% of your gain would be covered by private residence relief.As the property was purchased before Mar 1982, the cost price would be replaced with valuation at Mar 1982. Lets assume both are the same and your gain is (80,000-8,500) £71,500.If the property was jointly owned, then your share of the gain is £35,750.Private residence relief (35,750 x 90%) £32,175.
The balance would be covered by gains annual allowance.There would be no CGT payable
Even if your share was £80,000 this would be covered by private residence relief and gains allowance. There would be no CGT payable.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Thank you for your answer, just to be clear , would i have to pay any tax on this ammount ?, coming to me as additional income as it is.