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Posted Thu, 30 Nov 2023 03:30:20 GMT by GMercer
If my wife moves out of the family home into rented accommodation, will she have to pay CGT on any money made from the sale of the family home once it is sold?
Posted Fri, 01 Dec 2023 10:18:39 GMT by HMRC Admin 25 Response
Hi GMercer,
The Capital Gains guidance changed recently, so that from 6 April 2023, separating spouses or civil partners are given up to three years after the year they cease to live together in which to make no gain or no loss transfers.
No gain or no loss treatment will also apply to assets that separating spouses or civil partners transfer between themselves as part of a formal divorce agreement.
A spouse or civil partner who retains an interest in the former matrimonial home be given an option to claim Private Residence Relief (PRR) when it is sold.
Individuals who have transferred their interest in the former matrimonial home to their ex-spouse or civil partner and are entitled to receive a percentage of the proceeds when that home is eventually sold, be able to apply the same tax treatment to those proceeds when received that applied when they transferred their original interest in the home to their ex-spouse or civil partner.
Thank you. 

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