Question:
My ex-boyfriend is buying me out of our house at £41,500. Will I need to pay tax on this?
Arthur Weller replies:
If the value of the house is higher today than it was when you bought the house originally, then you have made a capital gain. However, if the capital gain is less than £12,300, then you should not pay any capital gains tax. And if you have lived in the house as your main residence all the period of your ownership, then all the capital gain is exempt from tax.
