I am in a spot. In 1984 my wife and I married and bought a flat in another county where she lived, and I moved there, I remember how much we paid for it, £29,995. In August 2013, she decided that she wanted to split up, she was going to move into a hotel if necessary. I had been made redundant and we were living off what I had earned and my small pension. My father had just died as well, it was a bad time all round and my Mum was on her own and in her 80's, so, the most sensible solution was for me to move back home with my Mum which is where I still am.
My wife has lived in the flat for the five and a half years since we split so I have received no rent income from it and it is not being sold to make a profit ( we are trying to sort this out amicably ) I was okay with this as I thought prices would rise plus I paid the mortgage off years ago, so no mortgage, ( my price theory is proving to be different I know but that is another story ) and now she wants to move. The flat has been put up for sale but now I am hearing that I will be liable for CGT because I haven't lived there. I have had to live with my Mum I have no other home, its not about trying to make a quick profit in the property market as I didn't want to leave in the first place, and in this area I will not be able to afford a shoe box.
We are still married, the flat was up for sale for £280,000 with no takers, and now we are discussing reducing it to £265,000 I am just trying to find out about this CGT issue as in my situation every saving is critical.
I would therefore very much appreciate, and be very grateful, for any advice or pointers that anyone may be able to offer.
Many thanks and kind regards