Capital Gains Tax

[darkhorse]

Hi everyone, i hope someone can help me!

I shared a house/mortgage with my ex i no longer live there (iv been renting for a while) and she is selling the house a i will receive half of the equity (which will be used as a deposit on my new house).

What i need help with is as it not my main residence will i have to pay capital gains tax?

Thanks for any help in this matter.

[anniebird]

You do not have to pay CGT on the house for the time you were living there as it was your main residence during that time. Also you are allowed a further 3 years after moving out so you may not have any CGT to pay. If you moved out more than 3 years ago any gain will be assessed on a pro rata basis so that only part will be subject to CGT and you will have your annual allowance to set against this anyway.