How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 7531
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

If I was not on my house deeds from 1999 to 2003, how will

This answer was rated:
★ ★ ★ ★ ★

If I was not on my house deeds from 1999 to 2003 , how will this effect my equity in the house now? I’m being bought out by my ex partner.
bigduckontax

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

 

It will not affect it at all, it is what is on the deeds now which matters and that is what is being bought out.

Ask Your Own Tax Question
Customer: replied 3 months ago.
If I get £80,000 from the equity of my house how much capital gains tax would I pay?
Can I offset this with debts I need to pay off?
I also want to gift some to my 3 daughters who are at uni and my widowed mum.

Is the buy out in the year of separation?

Ask Your Own Tax Question
Customer: replied 3 months ago.
No we separated in 2016

Was this your sole or main domestic residence ie the only one you owned?

Ask Your Own Tax Question
Customer: replied 3 months ago.
Yes it was the only home I owned

Then Private Residence relief (PRR) applies which relieves CGT at 100%.

Ask Your Own Tax Question
Customer: replied 3 months ago.
So that means no tax to pay .
Thank you so much , great help

Correct! Delighted to have been of assistance.

 

Please be so kind as to rate me before you leave the just Answer site.

bigduckontax and 2 other Tax Specialists are ready to help you
Ask your own question now
Customer: replied 3 months ago.
My pleasure

Thank you for your support.

Ask Your Own Tax Question