Taxs on buying other half out of property or selling property

Karenp wrote on Sun Jun 19, 2022 5:03pm:

I wish to buy my husband out of our property this way I give him half the value of the property - do I pay taxes doing this? Alternatively, we go ahead and selling the propery but he is telling me that I would have to pay all the Capital Gains Tax and I am 63 and he is 73 so he says he is exempt ...

 

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...from taxes - is this true. I have had an agent around and am making an appointment to see Zamora who did out wills as I want to remove him from getting my half on my death and then PALS to get their advice on best way forward. Any advice would be much appreciated. Thank you Karen

PeterC wrote on Mon Jun 20, 2022 2:41pm:

If you have been tax-resident and have made returns for four years or more, and are a pensioner there is no retention and no tax when you sell your principal residence. Quite a few ifs…best to consult a good gestor IMHO. Main problem is finding one!

eduardo3332 wrote on Mon Jun 20, 2022 7:26pm:

Was a tax resident and had been for over 6 years had 2 business a good accountant and still was stopped 5% retention tax

PeterC wrote on Mon Jun 20, 2022 7:45pm:

Reckon there must have been one condition not met - e.g. was it your principal or only residence? 

eduardo3332 wrote on Mon Jun 20, 2022 7:58pm:

At the time all tax and residency laws were complient as with all of my business and personal details,  I have never lived under the radar

YungAtHeart wrote on Wed Jun 22, 2022 9:45am:

You have asked a very interesting question. You might share any answers you get from gestor? Please.