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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13980
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I need some advice on potential capital gains liability

Customer Question

I need some advice on potential capital gains liability
Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I am estranged from my wife, having moved out of the family home a while back. I have recently sold the property I moved to, and wife wants to sell the original home she still lives at with my kids, which is held in joint names. Will I have a CGT liability on this, and if so are there ways to reducing liability
Assistant: Is there anything else important you think the Accountant should know?
Customer: is there a charge for this service
Assistant: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.
Customer: ah, sorry - thought this was a UK service
Submitted: 10 months ago.
Category: Tax
Expert:  Sam replied 10 months ago.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Expert:  Sam replied 10 months ago.

Hi

Thanks for your patience

yes you will have a capital gain liability as its been more than 18 months since this was your mian resience and you already had another main residence (the one you just sold)

However when did you separate from your wife and was this arrangement legal enforced in the same tax year that you separated ?

You are on the UK side of Just Answer ( I live in Kent) and you pay from your bank which asks for sterling payments to use this service

I look forward to a rpely

Thanks

Sam

Customer: replied 10 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Sam replied 10 months ago.

Hi

Thanks for chatting to me on the telephone

So to clarify as your wife moved out from this property the day it was sold and it had been where she had lived throughout its ownership there will be no capital gains as this only arises of an individual moves out form their main home - and the property is sold more than 18 months later, and this is not the case here

Thanks

Sam

Customer: replied 10 months ago.
Hi Sam
I think you're getting wires crossed. I haven't spoken with you on the phone - how do we arrange a quick tel call please?
Expert:  Sam replied 10 months ago.

HI

I do apologise I have sent a request for a call for you

Thanks

Sam