I am in the process of getting divorced, and my husband is going to buy me out of our house which we recently bought. He will pay me half of the equity of what it is valued at today – approximately £60,000. My name will stay on the mortgage deed as he will not be selling it yet, and he will continue to pay the mortgage. I am still in the property, but I will be moving out and renting. I wanted to know if I will have to pay tax on the lump sum of money. 

Arthur Weller replies:  

Basically, you are selling your half of the house to him at its current value. For two reasons, there should be no capital gains tax (CGT) for you to pay: (a) since you recently bought it, perhaps it has not gone up in value since the purchase; (b) more importantly, since you have lived in the house as your main residence since you bought it (I presume), you are eligible for CGT principal private residence relief on any capital gain.