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Posted Fri, 01 Nov 2024 20:57:28 GMT by AliH
My partner and I jointly own a home. We are not married and are about to pay off the mortgage and transfer it into my sole ownership. If he later buys a house and has sole ownership with a mortgage in his name, but we both live there and then sell the house I have sole ownership of, what are the implications for both of us in terms of CGT?
Posted Fri, 08 Nov 2024 09:22:12 GMT by HMRC Admin 19 Response
Hi,
We cannot provide financial advice.  
Private Residence Relief is applicable for the period that a property was your main residence and needs to be calculated to determine if there is a capital gain chargeable to tax. You can see guidance here:
HS283 Private Residence Relief (2024)
There is also a capital gains calcualtor below which leads on to reporting and paying the capital gains within 60 days of the completion date.
Tax when you sell property
Thank you.

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