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Posted Fri, 15 Mar 2024 07:38:36 GMT by kitis123
A flat in my sole name was awarded to my ex spouse by consent in Divorce Financial Order but was sold immediately with proceeds going to my ex and no transfer took place. Who is liable for the capital gain or loss?
Posted Thu, 21 Mar 2024 09:08:58 GMT by HMRC Admin 25 Response
Hi kitis123 Englishby,
For us to give answer to your question can you please advise when you separated/divorced and when the flat was sold.
Thank you. 
 
Posted Thu, 21 Mar 2024 11:37:07 GMT by kitis123
Separated Sept 2019 Consent order June 2023 - flat to be transferred to spouse Decree Absolute 28 October 2023 Flat sold December 2023 without a transfer to ex first and proceeds went to ex. May I add this was a buy to let property and not a main residence.
Posted Tue, 26 Mar 2024 10:10:38 GMT by HMRC Admin 8 Response
Hi,
There may be a capital gain tax liabiliy arising from the disposal of this property.  
There is a calculator at:
Tax when you sell property to help you work out if  you made a gain on the property disposal.  
If after costs have been deduced from the disposal value, there is a gain, then you will need to report and pay the tax within 60 days of the completion date.  
At the end of the calculator, you can save a copy of the capital gains calculation and register for a capital gains account, which you can use online, to report and pay the tax due from your calculation.
Thank you.
Posted Wed, 27 Mar 2024 09:26:34 GMT by kitis123
Thank you but can I just confirm that it would be my liability and not ex spouse?
Posted Thu, 28 Mar 2024 15:57:47 GMT by HMRC Admin 25 Response
Hi kitis123,
He may also have a gain as from the orignal query raised you state no residence nomination was submitted.
He would need to contact us direct himself if he wanted more information.
Thank you. 

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