Q&A

Answer a question


24 April 2012

Will I have to pay capital gains tax when I sell?

I own a property and my partner owns a property and we each pay and maintain our own mortgages and everything associated with our individual properties. I have owned my place for around 16 years and in that time have gained considerable increase in value. About 4/5 years ago I moved out of my house to live with my partner when her job relocated and my house has been empty for most of that time as we still had links in the area and may come back. My parents stayed in it for about 8 months a few years ago between selling and buying their own house, no rent and I continued to pay the mortgage but they paid council tax, water, etc. Since I do not contribute anything at all towards my partners house and vice versa, I've never considered it a second home and it's not an investment property so I would like to know whether I would be liable for any capital gains tax if I decide to sell my property? And if so, at what value will that be calculated; on the purchase price or the valuation of when I moved out? Although there is still plenty of equity in the property it has lost value between when I moved out and todays market value. Thanks.in advance.

  • REPORT This comment has been reported.

9 Answers

Answers

Be the first to answer

Do you want to answer this question? You need to be signed in for this feature

Answer a question

Be the first to ask a question

  • {{ question.title }}

    {{ question.authorName }} On

    {{ question.answerCount }} Answers

Copyright © lovemoney.com All rights reserved.

 

loveMONEY.com is a company registered in England & Wales (Company Number: 7406028) with its registered address at First Floor Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom.


Our company maintains relationships with various affiliates and lenders, which we may promote within our editorial content in emails and on featured partner pages through affiliate links. Please note, that we may receive commission payments from some of the product and service providers featured on our website. In line with Consumer Duty regulations, we assess our partners to ensure they offer fair value, are transparent, and cater to the needs of all customers, including vulnerable groups. We continuously review our practices to ensure compliance with these standards.


While we make every effort to ensure the accuracy and currency of our editorial content, users should independently verify information with their chosen product or service provider. This can be done by reviewing the product landing page information and the terms and conditions associated with the product. If you are uncertain whether a product is suitable, we strongly recommend seeking advice from a regulated independent financial advisor before applying for the products.