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bigduckontax, Accountant
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I am currently getting divorced, the house is in my ex

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Hi, I am currently getting divorced, the house is in my ex partners name solely. We have been married for 22 years how is the best way to transfer the interest I have in this property without getting taxed. Currently drawing up a consent order and need to ensure we tell the judge what we want done. Far more equity in the property than mortgage and endowments for mortgage are not assigned to mortgage company. We have now been separated for over three years and I have stayed in the family home with the children. Angie
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello Angie, I am Keith, one of the experts on Just Answer, and happy to be able to assist you with your question. As you probably know inter spousal transfers are outside the scope of UK taxation. In general terms this extends to the end of the tax year of separation. Furthermore the last 18 months of ownership is excluded from Capital Gains Tax (CGT) as the owners are assumed to be in residence even if this is not the case. Even HMRC accept that you cannot dispose of a house as quickly as a second hand car. As you have lived in the house for the whole time as far as you are concerned you will be entitled to Private Residence Relief (PRR) which relieves CGT at 100%. Your husband will be liable to an element of CGT, but this will be limited to only a small proportion [the 18 months of his leaving the marital home] out of the total ownership time. For the rest he gets the benefit of PRR also. It is essential that your legal team are aware of the exact financial situation to ensure that your interests are protected when the case comes before the Judge. If you are not in dispute with your husband then there should be no problem, but were there an argy bargy to ensue then briefing for your legal eagles is essential. At the moment you do not actually have an interest in the property save as provided for by statute to protect individuals on divorce. This problem is essentially one for your solicitors not me, a mere accountant. I do hope that my answer has been of some assistance to you though.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3119
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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