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bigduckontax
bigduckontax, Accountant
Category: Tax
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My wife sold our home (main residence, solely in her name)

Resolved Question:

My wife sold our home (main residence, solely in her name) last year, but the profit left over after the purchase of our new home (in both our names) was directly deposited with me.
Do I/she have anything to pay on this amount? In my eyes, it's a transfer of assets between spouses, and therefore not liable for anything...
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.

You are absolutely correct, inter spousal transfers are outside the scope of UK taxation.

The sale of a sole or main domestic residence attracts Private Residence Relief (PRR) which is granted automatically and relieves any gain made at 100%. Many people do not realise that when they sell their houses and make a gain that there is a possible Capital Gains Tax (CGT) liability as for the majority PRR relieves that tax.

I do hope that I have been able to set your mind at rest on this matter.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.

Thank you for your support/

Expert:  bigduckontax replied 1 year ago.

And your kind bonus also.