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Capital Gains Tax

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

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?

Cheers
Bash
Re: Capital Gains Tax
December 08, 2020 10:57AM
You need to speak to an accountant for a definitive answer to these questions.
Re: Capital Gains Tax
January 22, 2021 07:48PM
I’m going through a separation. I have instructed a lawyer but my spouse will not communicate with the lawyer.
My situation can not be resolved with out legal intervention.
How can I push my spouse into going legal.
My spouse and I have the matrimonial home & 7 flats in which we rent out.
There is over 1 million pounds worth of properties, the rentals bring in 50k pa.
My spouse & I ran the flats as a business using both our self employment accounts to gain all the rental properties.
I’m wondering should this be split equally???
My spouse has also came up with a loan on the house of 180k from a friend. They have lots of separate bank transfers also builders merchants receipts that are supposed to have been used for work carried out on the matrimonial home. Will this stand in court???
Would I be liable for the share in this loan???
I am awaiting figures coming back regarding capital gains tax on the rentals if sold.
Is it possible for my spouse to find a way to keep all the flats if they are in joint names???
How can I make sure that this resolved as quickly as possible.
Thanks in advance for you advice.
Re: Capital Gains Tax
January 23, 2021 05:33PM
>>I have instructed a lawyer but my spouse will not communicate with the lawyer.

Your wife does not need to communicate with your lawyer or anyone. However, if issue a court application to get the financial issues resolved you will (a) have a determinate time table and (b) there will be consequences for your wife if she does respond. No doubt your lawyer has explained this to you.

For what it is worth if there are eight properties in total it is extremely unlikely that your wife will get to keep them all. When there are several properties it is relatively easy to divide them between the two spouses.
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