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HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 286
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
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Capital gains, I have a question regarding capital gains

Customer Question

Hello, capital gains
JA: What are the assets or property for this capital gain?
Customer: Hello,I have a question regarding capital gains tax.My ex partner and I broke up 4 months ago. It is amicable. I am living in the house right now, she is not.We are planning to have her take full responsiblity for all our mortgage payments, but my name will remain on on the mortgage.
In the near future we hope that she can either buy me out or we sell the property.Am i liable for capital gains tax if I don't live in the property anymore? Say, for example, if she fails to buy me out and we sell the property? What about in 12 months? 24 months?If so, can this be mitigated?
JA: Anything else you want the Accountant to know before I connect you?
Customer: no
Submitted: 5 days ago.
Category: Tax
Expert:  HM Accountax Ltd replied 5 days ago.

Hi,

I am an advisor at JA and happy to assist you.

I am looking into your query and come back to you shortly.

Regards

HMAT

Customer: replied 5 days ago.
Thank you!
Expert:  HM Accountax Ltd replied 5 days ago.

Hi,

If you sell within 9 months then there wont be any CGT liability as liability will be covered by PPR relief. However, after 9 months, there will be CGT liability and tax to be paid. Please note that you'll have AEA of £12,300.

I hope this answers the query.

Regards

HMAT

Customer: replied 5 days ago.
Thank you very much - that makes sense!
Expert:  HM Accountax Ltd replied 5 days ago.

My pleasure, please rate before you sign of JA.