A couple are about to separate and they wondered how best to do this to minimise their tax liabilities.
They own 2 properties bought jointly owned 50/50.
A 3 bed family home and a 1 bedroom flat which has been let out for the last 15 yrs (their first home).
They have decided to divorce now and divide all their finances except for the properties which they intend to sell once their youngest is 18 (4 years time). All costs related to the upkeep and finance will continue to be paid on both properties 50/50.
The husband will move into the buy to let (bought in 1996 £105k - value now £450k)
The wife will remains in the family home (bought in 2004 £450k , value now £1.3m)
Will the husband be liable for CGT on the family home? What is the implication of CGT on the buy to let if the husband resides there?
Any advice on how to help them would be welcome.
Thanks
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