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TOPIC: Capital gains - spouse buy out

Capital gains - spouse buy out 2 weeks 3 days ago #106405

Hello,

My wife is considering buying me out of a shared asset - former family home - and I am looking to understand the rules around capital gains tax.

The property was our family home, however we moved out - as a family - almost three years ago in August 2017. The mortgage structure is consent-to-let and we rent it out. We had lived there for 7 and a half years and had two children while living there.

If my wife buys me out of my portion of the property, will I have to pay capital gains as I realise some of those gains? Will my wife need to pay capital gains as she also realises some of those gains?

Thank you in advance.

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Capital gains - spouse buy out 2 weeks 3 days ago #106408

hi,

theres lot of info on here:

www.landc.co.uk/mortgage-guides/tax-buy-to-let-property/

but i don't see an answer about jointly owned properties. you can give them a call and see what they advise.

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