ChatterBank1 min ago
Capital Gains Tax For Married Couples
I am resident in a property that I acquired in 1984 and has since then been my main residence.
My wife part owned a separate property with her parents which became hers in full when her father died this year. She is now living there full-time.
I want to sell my property but I note on the Gov.uk web site it says:
"If you’re married or in a civil partnership only one home per couple counts as your main home for any period."
Do I take this to mean that I would have a CGT liability when I sell my property?
My wife part owned a separate property with her parents which became hers in full when her father died this year. She is now living there full-time.
I want to sell my property but I note on the Gov.uk web site it says:
"If you’re married or in a civil partnership only one home per couple counts as your main home for any period."
Do I take this to mean that I would have a CGT liability when I sell my property?
Answers
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it depends if the tax man accepts that the home you are living in has been deemed to be the main residence of the couple
if teh answer is yes - no tax
if the answer is no then - actually your wife property cannot have been her residence - and if it is then it dates from the time she moved in .... this year
actually you have time to deem - I think it can be done within two years of a change ....
but you should see an accountant with experience of tax affairs to do the negotiating. Your view should be the house you are in has clearly been your main residence at least up to the time of death of her father.
if teh answer is yes - no tax
if the answer is no then - actually your wife property cannot have been her residence - and if it is then it dates from the time she moved in .... this year
actually you have time to deem - I think it can be done within two years of a change ....
but you should see an accountant with experience of tax affairs to do the negotiating. Your view should be the house you are in has clearly been your main residence at least up to the time of death of her father.
ah yes or no ....
from the govt site:
If the property was occupied by a dependent relative you may not have to pay (CGT). HM Revenue and Customs (HMRC) has information in its guide on Private Residence Relief.
but of course at the time altho they were dependent relatives - they owned the house.
This is worth qutie alot of money so it worth paying for advice ....
from the govt site:
If the property was occupied by a dependent relative you may not have to pay (CGT). HM Revenue and Customs (HMRC) has information in its guide on Private Residence Relief.
but of course at the time altho they were dependent relatives - they owned the house.
This is worth qutie alot of money so it worth paying for advice ....
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