Would I have any tax liability if my partner buys me out of

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. In this answer it has been assumed that you have no legal connection with your partner (ie mariage, civil partnership etc). As you are an owner occupier of your sole or main domestic residence when your share is sold to your partner you are entitld to Private Residence Relief (PRR) which relieves apital Gains Tax (CGT) at 100%. Many people do not realise when they sell their homes that they are subject to CGT as PRR is given automatically. The acceptance of the plöt of land as consideration for your share of the house has no effect on you save that you are deemed to acquire it at the current market value. Your partner will attract CGT on their share of the gain made on the sale. They would have an Annual Exempt Amount of 11,1Kto offset this gain. I do hope that my reply has been of assistance.

Assuming that the property is located in England or Wales then Stamp Duty Land Tax would apply to the value of the consideration given for the transaction. In Scotland under recently devolved powers then Land and Buildings Transfer Tax would apply. The rates differ slightly between the two countries.

Thank you for your support.