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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2848
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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We married just over a year ago after living together in s

Resolved Question:

We married just over a year ago after living together in his house for over 25 years (property in his name). In his will the house comes to me as his wife. Eventually I will need to sell the house and garden (1 hectar) with planning permission for two plots already in place. Inheritance Tax will not be due but what is the best way to avoid CGT?
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.

Hi, thank you for your question. For clarity is there only one property which you are still living in as the matrimonial home?

Customer: replied 1 year ago.
One house set in two acres of garden. The garden is used wholly as a garden but in the bottom part we have planning permission for two 5 bedroom houses onto an adopted road.
Customer: replied 1 year ago.
My husband has owned the house or 45 years, I have lived here for 25 years but we only married in January, 2015. I know that the fact he willed the house to me does not incur IT but have been told CGT could be liable should I sell the house and the building plots although have been advised to sell the building plots first then the house last.
Expert:  Harris replied 1 year ago.

Thanks for confirming. Given the size of the land you will be liable for CGT on the sale of the home and the land however you will be entitled to some Private Residence Relief which will bring down the CGT liability.

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Customer: replied 1 year ago.
I am not sure this is absolutely correct having spoken now to an Accountant.