Capital gains tax

[outmymind78]

Hi, I'm hoping to be in a position in a years time to buy my ex out of our home but I'm struggling to work out the capital tax gains amount? I have looked at all the calculators online but they only seem to give answers to straightforward queries!
It is in our separation agreement that any CGT he would have to pay would come out of the joint equity pot, rather than out of his own pocket so I'm assuming that if I were to buy him out, then I would have to also cover his CGT fee, so I would really like to work out what this would be so I can plan how much I need to save.
He is only entitled to 10% of the equity. If anyone is good with this kind of stuff then I'd really appreciate you commenting so I can PM you the figures! Thanks

Why would there be a CGT? There is no CGT on the main home.

Because this property is no longer his main home. He wouldn't have been living here for 5 years at this point.

If there’s only 10% equity that’s his, does that mean you are paying him that 10%? So if the house is worth £200k and say you have a £100k mortgage, then his 10% is £10,000. I’m thinking the capital gains is the value growth since you bought it minus any improvements, not sure how mortgage gets calculated (if your mortgage amount has decreased). But he will get a capital gains allowance of £11,300 so the house value would have to be quite high for his 10% to be worth more than that. As I don’t know the figures and your mortgage hard to be more helpful.

it's no longer his main home, but if it's your main home, why would you have to pay CGT?

CGT is not payable on a main residence however if you have not lived together in this tax year then it's possible CGT is payable but, it's only payable on profits so sale price - (purchase price + improvements.) Even then there is an annual CGT allowance of £12k.
Given his share is 10% and the annual allowance, unless the property is a mansion I cannot see how any would be payable but, like anything property related, get your solicitor to look things over.

Thank you for the replies. Kamelo, that has helped enormously thank you. I didn't realise that the tax relief on CGT was different to your personal tax relief. I thought the 2 rates were combined, but having Googled it you are right so it looks like that is one less pot of money I would have to find. Thank you!