CGT question on ex-marital homeMake Text Bigger
Hi, Please could you advise me on a CGT position on my husband’s ex-marital home that he has owned for 39 years.
He purchased 1978 £15,450, met wife (now ex) who moved in 1990. Lived there together 1990-2006, then she would not move out to allow the house to be sold and proceeds split then, so took her to Court.
The Court allowed her to stay until end of term in which son is 18 (July 2017). Bits and pieces to add about that may inform or be irrelevant.
We would like to know if possible about any reliefs against CGT liability, especially as he did not ‘choose’ to retain a 2nd property and would have been his only one if it could have been sold at time of divorce.
His accountant for his Self Employment (not property) believes that he is liable for 10/39 of the difference between 1978 value & 2017 value (c£180 000).
If necessary we will engage a property specialist but little point if it’s actually clear cut and we are just ignorant of that fact, if that makes sense. There is a small interest-only mortgage to be repaid, she has failed to maintain the property adequately (as per the Court order) and we may end up having to get eviction order as she has OCD and hoards.
There are a lot of deductions from her share (as permitted by Court Order & verified last month by our Solicitor).
Thanks in advance for any advice available.
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