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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Liable for CGT?

4 replies

Monkerina · 13/01/2023 03:35

I'm wondering if anyone can reassure me...

I'm currently divorcing, and my ex wants to buy me out of our house. Fine, but in order to do this he needs a cash gift from his parents; this will come from the sale of a property of theirs which is (still, 7 months in) not on the market. It's due to go on the market within the next month, so this process could/should be concluded within say 6 months, taking us into next tax year.

In the meantime, we're currently sharing the house but the situation has deteriorated and I'm desperate to move out with the children. Had planned to wait for settlement and buy, moving straight from marital home to new property. Instead I've found a place to rent, can afford to, no problem. But that means that the marital home will no longer be my primary residence in the next cash year, when he will buy me out. Will CGT become due on my settlement?

OP posts:
PartyHelp · 13/01/2023 04:54

You get principal private residence relief in the sale of a home you lived in and this also applies for 9 months before you sell your property regardless of whether you live there or not so you should be fine if the property is sold in 6 months.

Liable for CGT?
Monkerina · 13/01/2023 06:24

Thank you so, so much for your reply @PartyHelp. I really appreciate your help- I feel free to move out and get on with my life with that potential £35k weight lifted!

OP posts:
M123gotns · 13/01/2023 06:54

There is also additional relief available in the case of separation.

Liable for CGT?
Monkerina · 13/01/2023 07:02

Thank you @M123gotns- so, so deeply appreciated 💐

OP posts:
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