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Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.
As you left the marital home in Jan 2016 you have until Sept 2017 before a capital gain position would arise - as private residence relief allows the time you lived there and if you move out, also the last 18 months of ownership within its rules.
Divorce has no bearing nor does separation, its all based on your movements in and out of the property on your share of any profit.
If it does not sell within 18 months, then you will have a capital gain but the time you lived there plus the last 18 months of ownership will form an exemption/total period of ownership
Plus you will have half the costs to buy and sell to offset against any gain and half the costs of any capital improvements and finally the first £11,100 is tax free as this is the annual exemption.
However ideally you either want a sale or you soon to be ex to perhaps purcahse your half share before Sept 2017
Do let me know if I can assist further
Thanks for your response
The figure for calculating will be the market value of the property ( if this differs a lot from the actual sale value)
The valuation is taken by the estate agents who market the property for you - and as you have not provided the purcahse value, I cannot confirm whether capital gains would or would not arise, if you were to sell more than 18 months after you have ceased to live there.
If the value at sale is £500K and you purchased for £260K - then the gain will be £240K of which £120K is yours to consider less costs and reliefs for he time it was your main residence and of course if anything is left over then the first £11,100 of this final figure is also exempt.
The sooner you sell after the 18 months the small the gain will be as with all the reliefs due at that time (the time you lived there plus the last 18 months of ownership) the gain then that accrues will not be too vast (plus only 50% of iy ots considered on you!)
The gain is calculated as if has accrued over the whole period, but when your tax reliefs are allocated (the time you lived there ans the last 18 months of ownership) then your gain should remain smallish.
I can do a calculation for you - if you would put your mind more at rest - on the basis that the property is sold , say Aug 2018 with about the same value (£500K) but I would have to offer this as an additional service I am afraid (as per Just Answer policy) so an additional charge would arise - let me know if you wish to proceed, or I can offer you a telephone service (again additional charge I am afraid - but I am in the UK!)
Whatever suits you - but it would be easiest so I shall send a request through now
Yes - thats it!