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Capital gains on divorce

4 replies

Sortingfinances · 21/01/2018 23:32

Is anyone able to give me a quick bit of financial advice?
Mid-divorce. Have Nisi after 5 years separation, currently sorting consent order and then decree absolute.
Marital home was transferred in to wife's name 1 year ago (jointly owned since 15 years ago), husband bought his own place about 4 years ago.
What is the likely position with regards to capital gains tax on transfer of the marital home?
Waiting for a financial advisor to get back to me, but as it's year-end it's taking forever.
Any comments would be gratefully received!

OP posts:
Collaborate · 22/01/2018 07:56

While he doesn't own another property any gains are CGT free, and for the period 3 years after he buys another,

Sortingfinances · 22/01/2018 09:47

Thank you! Is that from years after buying new property up until the consent order is sealed or when the first property was transferred in to wifes name?
Thanks again!

OP posts:
Sortingfinances · 22/01/2018 18:02

Sorry that should read 'is that from 3 years after...'

OP posts:
Collaborate · 22/01/2018 21:22

If the transfer to the spouse wasn’t pursuant to a court order it’s a bit different. I think that any gain after 3 years following departure from the property will be subject to CGT, but accountancy advice should be taken.

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