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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10780
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My wife owned a house which we never lived in . In August 2012

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My wife owned a house which we never lived in . In August 2012 she transferred half of it to me . We subsequently gave the house equally to our two sons. My wife has a subsequent CGT liability, but do I, as the value since I acquired my share didn't change? We own another house which we live in

Hi there,

As the property was not your principal place of residence, you are liable for CGT, but only if any increase in value of your 50% has occurred from the date you acquired it.
Therefore, on the basis that the property has not increased from August 2012, then you are correct in that no CGT is payable full stop.
(CGT is only there to penalise people who have made profits from investments, and hence if no profit has been made, no tax is payable).

I hope this answers your question, but please let me know if you require any further clarification.

Kind Regards
Customer: replied 4 years ago.

Thank you. Can you confirm that this holds good even if the property was transferred in September 2012


Thanks for your reply- it does indeed.

Kind Regards
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