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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.

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