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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I'm a joint home owner and separated from my wife since

Resolved Question:

I'm a joint home owner and separated from my wife since August 2013
We are now going to sell the property.
she is still resident and I am not .. I do not own any other property
House est value 350,000
mortgage outstanding 15,000
we've amicably agreed I take 130,000 and she has the rest ..
I am a basic rate tax payer .. no buisnesses or income from any other source.
do I have to pay tax on my proceeds
Submitted: 7 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 7 months ago.

Thank you for your question..

In order to advise you on likely CGT liability, I need to know

- the likely gain on the property in question

- how long did you live in the property as your main residence ( you say you moved out in Aug 2013)

- when did you buy the property

You do not pay CGT on the proceeds but on the gain made from sale of property.

Many thanks

Customer: replied 7 months ago.
property purchase December 1999purchase price 84,000time at address 13 years 8 months
Expert:  taxadvisor.uk replied 7 months ago.

Thank you for your reply..

I will revert to you shortly with my calculations

Many thanks

Expert:  taxadvisor.uk replied 7 months ago.

Thank you for your patience

I have carried out Capital Gains Tax calculations and based on information provided, there will be no CGT payable. I have attached my calculations for your perusal.

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.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and 2 other Tax Specialists are ready to help you
Customer: replied 7 months ago.
thank you for your help .Chris
Expert:  taxadvisor.uk replied 7 months ago.

I thank you for accepting my answer.

Best wishes.

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