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Capital Gains Tax (3 Posts)
Started By:
15 August, 2017 05:41AM
Capital Gains Tax
karendighton - 15 August, 2017 05:41AM
My husband left the FMH in April 2014 and stayed temporarily with his mother until August 2015 when he rented and moved into a flat. Up till this point he remained on the Council Tax register at the FMH. I am being told that when the FMH is sold there will be a Capital Gains Tax implecation. Is this correct?
Re: Capital Gains Tax
HatMan - 15 August, 2017 07:35AM
I can't see how there would be, if he had bought another property and then sold that one it might be different but in the circumstances you describe there would be no liability.
Re: Capital Gains Tax
davidterry - 18 August, 2017 06:13PM
You would need to speak to an accountant to get a proper assessment of whether any tax is due. These are circumstances where there are possible CGT implications. No CGT is normally payable on the sale of a property in which you live (assuming you only own one property) because it attracts the 'principal private residence' exemption. In this case if the property was jointly owned and your husband left the property three years ago it makes it difficult for him to claim that it is his principal private residence and that he is therefore entitled to that exemption for his half.

Having said that, there are various concessions whereby certain periods of absence are not counted. That is why you need an accountant's advice to get an authoritative answer.
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