bristolcity
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Am I liable to Capital Gains Tax if on divorce I move into one of my two properties jointly owned by my wife?
- bristolcity asked 1 year ago in Tax
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Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
In short, you shouldnt have a liability upon sale of the properties as long as you are divorced.
a married couple can only have one principle primary residence (PPR) for CGT purposes whereas once divorced you can each nominate your own PPR.
you will need to let your insurer know you have moved in as it should reduce your home insurance moving from BTL to an owner occupied deal.
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a married couple can only have one principle primary residence (PPR) for CGT purposes whereas once divorced you can each nominate your own PPR.
you will need to let your insurer know you have moved in as it should reduce your home insurance moving from BTL to an owner occupied deal.
Upon divorce I will presumably loose my married persons allowance. Will this have a significant difference on my tax.
- bristolcity asked 1 year ago in Tax
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Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
maintenance isnt tax deductable.
married couples allowance is only paid (once you claim it) to couples where one spouse was born before 6/4/1935 so there are relatively few people still in receipt of it.
guessing that you are not over 75 and still working, you never had it to lose anyway.
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married couples allowance is only paid (once you claim it) to couples where one spouse was born before 6/4/1935 so there are relatively few people still in receipt of it.
guessing that you are not over 75 and still working, you never had it to lose anyway.
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