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Selling house 15 years after divorce
Hi Myself and my wife separated 17 years ago and was divorced 15 years ago, she has remained in the house whilst the children grew up. Now they have we have sold the house for 350k of which I have agreed to 40% 140k. We have done this as an amicable split we have not involved the courts or solicitors at any point. I now own a new house for about the last 4 years, whilst the original house remains her only property. My question is in regards to CGT do I have pay CGT on the 140k ? And are there any implication for her 210k ?
-
King_Maker
- Posts:6538
- Joined:Wed Aug 06, 2008 3:22 pm
Re: Selling house 15 years after divorce
Prima facie, you could have a CGT liability as the house has not always been your residence/main residence - unlike your ex-wife.
However, if might be possible to argue that there was a Trust arrangement whereby the gain might be exempt from CGT.
It seems that you have given 10% to your ex-wife (as your share is now 40%, down from the normal 50%) at some point? This could be a disposal for CGT also - whether any CGT is payable will depend on the numbers.
I recommend that you obtain professional advice asap.
However, if might be possible to argue that there was a Trust arrangement whereby the gain might be exempt from CGT.
It seems that you have given 10% to your ex-wife (as your share is now 40%, down from the normal 50%) at some point? This could be a disposal for CGT also - whether any CGT is payable will depend on the numbers.
I recommend that you obtain professional advice asap.
Re: Selling house 15 years after divorce
Hi Thanks for the update, the numbers are, we paid 47k for the property and there is no outstanding Mortgage. Of the 350k me ex intends to purchase a new property using her 210k split, whilst I had intended on purchasing a holiday flat, although that's not looking quite such a good anymore. Is it possible to offset my 11k cgt allowance and my partners ?
