Why do you/your solicitor think that the past negative equity issue or the mortgage is in any way relevant to any potential CGT issue?
If you bought your ex's < €150k share out for a discounted price of €55k then there could be a potential outstanding gift tax issue there?
What are your solicitor's outline calculations here?
You probably need independent professional tax advice on this.
Then your solicitor is correct. Assuming ownership transferred to you in full in 2014 when you took over the mortgage, then you have a gain on the 50% you took over.PPR from 2006 - 2016 then rented out to present
Not quite.So, lets say the house was worth 280K when ownership transferred to me and now i sold for 375K, i would be liable on gain of 375-280=95*33% eventhough original price was 380K
Did you actually legally buy her out?when ownership transferred to me
Did you actually legally buy her out?
If so, what was the valuation for stamp duty purposes in 2014?
If I’m not mistaken stamp duty at 1% would have been due on her share at the market value in 2014.We got separate solicitors to agree the 'buyout' at the time.
The mortgage is largely irrelevant.As far as i can recall too, there was no new mortgage number either from the bank
If the property was transferred into your sole name, and stamp duty paid on the 50%, there should be a record on the property price register.We got separate solicitors to agree the 'buyout' at the time. As far as i can recall we did not get an official valuation at the time and worked out the payment between solicitors
If the property was transferred into your sole name, and stamp duty paid on the 50%, there should be a record on the property price register.
If you just "took over the mortgage", then your ex still owns 50% of the property. Your solicitor would have done more than that at the time.Nothing on Property Price Register. It was a form i think we filled out for bank and they were happy to have me take over the mortgage
If you just "took over the mortgage", then your ex still owns 50% of the property. Your solicitor would have done more than that at the time.
Isn't it completely irrelevant with respect to the issue of CGT?The mortgage is largely irrelevant.
Ordinarily yes, but maybe not entirely in this case as the payment made by ex to be removed from mortgage might evidence a value for the property transfer if no other exists.Isn't it completely irrelevant with respect to the issue of CGT?
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