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Future capital gains liability?

 
 FWIW
(@fwiw)
Active Member Registered

Hi all, I'm in a position that can't be that unusual I think, and could do with some advice.

Under the terms of a consent order I will benefit from the sale of the former marital home when it's sold in a few years time (when youngest child reaches the right age).

In the meantime, I continue to be on the mortgage for that property, although the order stipulates that the ex pays it entirely every month.

I am in a position now where I'd like to get a joint mortgage with my new partner. Financially I'm able to afford this, but I'm worried about a potential CGT liability in the future.

Am I likely to fall foul of this when either the former marital home is sold, or potentially in the future when any new home is sold?

Any advice greatly appreciated!

Quote
Topic starter Posted : 27/11/2022 5:10 pm
(@bill337)
Famed Member

Hi,

Am not that familiar with CGT but plenty of info on it here:

https://www.gov.uk/browse/tax/capital-gains

 

ReplyQuote
Posted : 27/11/2022 7:32 pm
FWIW reacted

actd
 actd
(@actd)
Illustrious Member

I would suggest you get professional financial advice, and you probably need to get a valuation done on your house (possibly in two years time) - as far as I am aware, any capital gains will be from the point of the valuation, not from when you first bought the house. The two years is because, I believe that if you own two houses, you have two years to decide which is your main residence. However, this could be out of date, so definitely get financial advice.

ReplyQuote
Posted : 29/11/2022 8:53 pm

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