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Posted Mon, 16 Dec 2024 23:56:54 GMT by Melissandra Magdapizzed
When I divorced several years ago we were unable to sell the house. Had we done so we agreed a 50-50 split. However, we decided to try equity release so I could get a house and he could stay on. We couldn't get as much money from equity release as I needed. My ex said I could have the balance when he died to make up the shortfall to 50 percent had we sold. He was older than me. I bought a house from equity release monies so my and my ex stayed on in the house. He said I could have the balancehe could still live in house until he died.He didn't make a will or provision for children. When he died I was joint executor and his only assets were the residue from house I took out estate £300000 debt owed to me when house sold before probate. This money I was owed because we couldn't sell the house and couldnt get 50 percent from Equity release company. and we had agreed to split half each had we sold it. My ex had previously agreed and was happy with this. That left only few thousand in the estate for probate which was divided amongst the children.They were not all my children but all his. Would there be any tax to pay? The Inland Revenue passed the probate. So I assume that means no tax. My ex did die intestate.
Posted Fri, 27 Dec 2024 13:11:06 GMT by HMRC Admin 32 Response
Hi,
Whilst no IHT may b edue, you may be liable for CGT as the house was no longer your main resdience. please refer to:
Capital Gains Tax: what you pay it on, rates and allowances
Thank you.

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