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Is CGT due?

Answer
PaulLH
Posted Mon, 18 Nov 2024 12:27:22 GMT by PaulLH
I separated from my wife in March 2011. We got a Decree NISI in September 2013, however have been unable to agree a financial settlement since. She therefore remained in the former matrimonial home (FMH) and I have been paying the mortgage since we separated. In May 2015 I managed to obtain a new mortgage on a property for me and my new partner to live in. My wife and I have now agreed a final settlement and we are applying for a Consent Order shortly. The FMH is under offer and may complete before the Consent Order is Court approved. Does this mean that CGT is payable on the sale of FMH? If the Consent Order is Court approved before the sale completes and confirms that the proceeds are 100% for my ex-wife does this change the CGT position?
Answer
HMRC Admin 20 Response
Posted Fri, 22 Nov 2024 13:31:03 GMT by HMRC Admin 20 Response
Hi,
Please have a look at the guidance on helpsheet HS281 archived at  Spouses, civil partners, divorce, dissolution and separation: HS281 Self Assessment helpsheet.  
The transfer of assets outside of the allowed time period may be subject to capital gains tax.
Thank you.

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