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Do I have to pay tax on the money I receive after a property buy-out?

Question My partner has an agreement from our building society to re-mortgage our currently jointly owned home, in effect buying me out. I will transfer ownership to him and take a sum of money from the remortgage. The amount I receive will be about £45,000 and I wondered will I have to pay any tax on this?

Arthur Weller replies:
From what I understand you are not married. If so, your sale of your half of the house to your partner will be subject to capital gains tax, if the amount you sell to your partner for is more than the original price paid for your half. However since you live in the property (you mentioned it is your home) most probably you have principal private residence relief available to you, so that you don't pay any tax.

Property Tax Insider This sample question and answer is taken from Property Tax Insider, a monthly UK tax saving magazine for landlords and property investors.

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