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bigduckontax, Accountant
Category: Tax
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Good morning, My partner bought the house in 1999 in her name

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Good morning,
My partner bought the house in 1999 in her name for £32,500. It has been my home since then. We split up and in 2005 she transferred total ownership to me.
The house is worth about £75k now. Am I liable for capital gains when I sell it. If so, is it based on its 2005 worth?
Thanks in advance.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. On the not unreasonable assumption that this has always been your sole or main domestic residence then Private Residence Relief (PRR) applies PRR relieves Capital Gains Tax (CGT) at 100%. Not many people realize that when they sell their house there is a latent liability to CGT, but PRR usually applies and is given automatically so they never realise the true position. I do hope that I have been able to set your mind at rest.
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Thank you for your support.
Customer: replied 2 years ago.
Thank you for your answer, it sets my mind at rest!
Delighted to have been of assistance.