Transfer of Equity - Capital gains?
Discussion
Separating from my O/H (not married) and potentially buying out her share of the property.
We bought it as tenants in common unequal split
House has appreciated in time together at least 40k, it is/was our sole residence
Could capital gains apply to either of us (she would be selling her equity to me) or possibly in the future when I come to sell the house as a 100% owner
Equally the internet seems vague but looks like SDLT might apply in some cases. How do they determine chargeable value?
We bought it as tenants in common unequal split
House has appreciated in time together at least 40k, it is/was our sole residence
Could capital gains apply to either of us (she would be selling her equity to me) or possibly in the future when I come to sell the house as a 100% owner
Equally the internet seems vague but looks like SDLT might apply in some cases. How do they determine chargeable value?
Main residence is exempt from capital gains, neither of you will be liable in this scenario - On the basis that you've both been living there, it is your main residence and it was purchased personally and not via any other investment vehicle.
As for SDLT, it does apply when buying out an unmarried partner from a joint household. However, I'm not sure if the threshold is applied to the full value of the property of the share you're purchasing, given that this will involve solicitors anyway I would have this sit with them to decipher.
As for SDLT, it does apply when buying out an unmarried partner from a joint household. However, I'm not sure if the threshold is applied to the full value of the property of the share you're purchasing, given that this will involve solicitors anyway I would have this sit with them to decipher.
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