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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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If I was not on my house deeds from 1999 to 2003, how will

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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.

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.

Customer: replied 1 month 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?

Customer: replied 1 month ago.
No we separated in 2016

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

Customer: replied 1 month ago.
Yes it was the only home I owned

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

Customer: replied 1 month ago.
So that means no tax to pay .
Thank you so much , great help

Correct! Delighted to have been of assistance.

 

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Customer: replied 1 month ago.
My pleasure

Thank you for your support.