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.
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 6391
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

My husband died on 4 June 2019. The house we live in was

This answer was rated:

My husband died on 4 June 2019. The house we live in was transferred into our joint names in November 2018 when we took equity release lifetime mortgage for £120, 000 to help his son buy a flat. I am now in the process of selling the house for £822,500 the proceeds of which in accordance with his will will be divided between myself and my two step children. I will be buying a house in England with my share of the sale proceeds otherwise I brill be homeless. My husband and I own a holiday home in Spain bought for £162,000 in November 2018. Probate has been applied for in Spain to transfer into my name and no taxes are required because we were joint owners. What taxes will I have to pay on the sale of my London home taking into account my situation. Rita Edwards
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: No
Customer: replied 6 days ago.
Supporting documents not available at the moment

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

Please clarify

- are you talking about the house you live in that was transferred into joint names in Nov 2018

Gain from sale of main residence would be exempt from CGT as it would be covered by private residence relief. There should be no taxes payable on sale of this property.

Gain from sale of holiday home in Spain would be chargeable to capital gains tax being a second home/investment property.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 6 days ago.
The London home is my residence. I am not selling the Spanish holiday home yet. I was told the Spanish House will mean I pay more tax when U sell the London House?
Customer: replied 6 days ago.
The signal on my phone is not good so please type a response. I am not selling my holiday home in Spain so will thus mean I will pay any tax the purchase of my next home after the sale of my home in London?

Thank you for reply.

If you are selling the London home and it is your main residence, then your gain from sale of this property would be covered by private residence relief irresepective of the fact you own other properties.

When you buy another home after this sale and you make it your main residence, then you would not have to pay extra stamp duty (just normal stamp duty) as you would be replacing one main residence with another, albeit you would have more than one property after the transaction.

I hope this is helpful and answers your question.

Customer: replied 6 days ago.
No thank you.

Are you saying something as I am not clear what you mean by "No thank you"

Many thanks

Customer: replied 6 days ago.
I do no wish to continue.

Thank you for your reply.

If there are no more issues, I will appreciate if you would kindly rate my service to ensure I get credited for it by Just Answer today.

Many thanks

taxadvisor.uk and other Tax Specialists are ready to help you