CGT on Sale of flat following split

Unfortunately, myself and my partner have split up after 8 years. We are trying to be as grown up as possible over the split of finances and are going to go down the board 50/50.

We bought our first property in London together 4 years ago. We are not married and have been co-habiting. There is only about 70k of equity in the property, plus we have loans of about 15k which we want to split. The flat is worth 200k. If we sell, we would get approximately 25k each.

I have a number of questions relating to some possible scenarios, and I would be grateful if someone would have the patience to answer them !

1). In the event that I buy her share of the property, does this have any tax implications for me ?

2). If she goes onto not buy another property, presumably she is liable for CGT ?

3). If I don't buy another property, but use my share to go travelling in April (which would therefore be the only income I receive in 2006/07) would I be liable for CGT / Income Tax ?

Thanks to anyone who would be kind enough to at least point me in the right direction !

DS

Reply to
David Sullivan
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In message , David Sullivan writes

I cant tell if this is/was your residence, or if it was let out as an investment.

If it is where you both live/lived, there is no CGT or Income Tax liability.

Reply to
Richard Faulkner

In message , David Sullivan writes

no

No. It was her principal residence so no CGT.

No.

You will be in the clear tax wise!

Reply to
john boyle

Richard / John,

Thanks very much for both your help. It was where we were both living rather than an investment property.

At least I have had some good news re: tax in all this !

Thanks again,

DS

Reply to
David Sullivan

"David Sullivan" wrote

Did you also both own it jointly, or was it only in one of your names?

Reply to
Tim

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