Hi
Property 1
Year 2001
Market value 64000
Discount received 29440
Purchase property in 2001 for 34560
Property remortgaged in December 2004 for 130,000
We vacated the property in 2004 and I moved back into the property as my main residence in 2018
Current Mortgages 130000
Current Value 300000
Property 2
Year 2004
Purchase Price 250,000
Current Mortgages 195000
Current Value 550000
My ex-wife live in the property with my daughter and it is their main property
We are currently going through a divorce where she will most likely keep the house as her main property and I will most likely keep the flat as my main Property.
The question are:
• will either of us have to pay capital gains tax?
• What property would we have to pay it on?
• How much would it be?
• Is it payable if or when we sell it?
Cheers
Bash
Property 1
Year 2001
Market value 64000
Discount received 29440
Purchase property in 2001 for 34560
Property remortgaged in December 2004 for 130,000
We vacated the property in 2004 and I moved back into the property as my main residence in 2018
Current Mortgages 130000
Current Value 300000
Property 2
Year 2004
Purchase Price 250,000
Current Mortgages 195000
Current Value 550000
My ex-wife live in the property with my daughter and it is their main property
We are currently going through a divorce where she will most likely keep the house as her main property and I will most likely keep the flat as my main Property.
The question are:
• will either of us have to pay capital gains tax?
• What property would we have to pay it on?
• How much would it be?
• Is it payable if or when we sell it?
Cheers
Bash