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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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Good morning, My partner bought the house in 1999 in her name

Customer Question

Good morning,
My partner bought the house in 1999 in her name for £32,500. It has been my home since then. We split up and in 2005 she transferred total ownership to me.
The house is worth about £75k now. Am I liable for capital gains when I sell it. If so, is it based on its 2005 worth?
Thanks in advance.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. On the not unreasonable assumption that this has always been your sole or main domestic residence then Private Residence Relief (PRR) applies PRR relieves Capital Gains Tax (CGT) at 100%. Not many people realize that when they sell their house there is a latent liability to CGT, but PRR usually applies and is given automatically so they never realise the true position. I do hope that I have been able to set your mind at rest.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.
Customer: replied 1 year ago.
Thank you for your answer, it sets my mind at rest!
Expert:  bigduckontax replied 1 year ago.
Delighted to have been of assistance.

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