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Capital Gains Tax

Posted by bashbash 
Capital Gains Tax
December 07, 2020 07:19PM

Property 1
Year 2001
Market value 64000
Discount received 29440
Purchase property in 2001 for 34560

Property remortgaged in December 2004 for 130,000
We vacated the property in 2004 and I moved back into the property as my main residence in 2018
Current Mortgages 130000
Current Value 300000

Property 2
Year 2004
Purchase Price 250,000
Current Mortgages 195000
Current Value 550000
My ex-wife live in the property with my daughter and it is their main property

We are currently going through a divorce where she will most likely keep the house as her main property and I will most likely keep the flat as my main Property.

The question are:
• will either of us have to pay capital gains tax?
• What property would we have to pay it on?
• How much would it be?
• Is it payable if or when we sell it?

Re: Capital Gains Tax
December 08, 2020 10:57AM
You need to speak to an accountant for a definitive answer to these questions.
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