H moved out of FMH in 2019 and has rented since. W and kids still in FMH. A court has just ordered that the FMH be transferred from H to W with W buying H out for £25k or 20% of the equity. H concered that if not no gain/no loss he will have to pay CGT on the market value minus costs which would effectively wipe out a large amount of the money he received from the small divorce settlement. Although living apart are they classed as living together as not yet divorced or separated by a court order?
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Standing on a train so excuse brief reply but check out CG65356 in CG manuals and S225B TCGA 92 as hubby living in rented accommodation.
I don’t know what FMH is and whether he would have to pay CGT on the market value less costs. I would see if there are any exemptions available first.
I took it a First Matrimonial Home
I love a guess game in my own time, But staff making up their own abbreviations really does wind me up
R & R being one of the worst
Back to the question
Seperation that is likely to be permanent springs to mind
Do not delay beyond the end of tax year of permanent seperation
Courts and solicitors just do not understand CGT rules, probably never will.