Hoping somebody can provide some help with my question.
Background is I'm close to the end of a long, very costly & massively difficult divorce (through no factual fault of myself beyond my inability to make my bio-polar wife happy despite 15 years of effort
)We are not wealthy, but have invested well (intentionally) for our children's futures and have 3 properties:
4 bed house
2 bed flat. 160k value. 125 purchase
1 bed flat. 140k value. 101 purchase
My expectation/hope is my ex will get the house, I will get the 1 bed flat and the 2 bed sold to clear off part of the mortgages.
Can somebody confirm how the CGT bill works if I keep the 1 bed property to live in?
I understand how CGT is charged - it will bring me into high rate - but all online advice seems to refer to the sale of assets?
Will I owe the sum due on "my new home" at the point its transferred to me - or when I sell at a future date (if I'm ever in a position to upgrade)?
I am aware of the option to transfer assets to spouses to save CGT - but sadly my ex will choose to suffer financial loss than do something she deems I would want - regardless of the impact on the kids.
Appreciate any help
Thanks
