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Posted Mon, 04 Nov 2024 13:02:25 GMT by DJW67
I was married a shared a home with my partner. When we divorced I bought him out of the property. subsequently i went on to rent the house out and am now considering selling it. Do i calculate the gain from the point of the divorce, the house valuation at that point and the Private Residence Relief from the point of the divorce too or do i calculate from when we boaugh the house toigether?
Posted Fri, 08 Nov 2024 13:24:44 GMT by HMRC Admin 19 Response
Hi,
If the property was your main residence for the whole period of your ownership, there would be no capital gain.  
You need the acquistion cost when you both orifinally bought the property and the value of the property when you bought out your ex partner. Add 50% of both values together to obtain your acquisition cost. This will be be used to work out your gain when deducted from the disposal value.  
You can see guidance on Private Residence Relief here:
HS283 Private Residence Relief (2024)  
There is also a Capital Gains Tax calculator here:
Tax when you sell property
Thank you. 

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