Have Tax Questions? Ask a Tax Expert for Answers ASAP
Has the house you are considering selling been your main home for all of the time that you have owned it? If not, let me have further details.
You need to be able to prove that you live in the property you won even if you only actually own one. Can you elaborate on how you divide your time between the two properties please.
How long have you had access to two homes?
Leave this with me while I draft my answer.
As you did not make an election for one of the two properties to be treated as your main home within two years of the date you had access to two homes, the question as to which is your main residence will be based on the facts.
Take a look at HS283. Assuming you lived in the property you own full time until you split from your ex, the gain for that period will be tax free as will the gain for the last 18 months of ownership. How much of any profit you make will be tax free will depend on how much the total profit from sale will be and how long you have owned the property.
If you claimed full exemption from CGT for the whole gain, you may be asked by HMRC to back it up with proof that it was your main home. There is alot of subjectivity here. The fact that your name is ***** ***** bills and that you are registered with a local Doctor helps. Take a look at CG64545 for more information on what criteria are looked at when determining an individual's main residence in the absence of a written election.
I hope this helps but let me know if you have any further questions.
I have to go out for a short while but will be back in about 30 minutes to answer any follow up questions you may have.
Hi.I'm just following up to find out if my answer helped or if you have any further questions.