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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I got married in Oct 2021. We both owned an house. We kept

Resolved Question:

I got married in Oct 2021. We both owned an house.
We kept both houses but now intend to sell one in the next couple of months.
Would we have to pay any tax on the one we sell.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Can you clarify your marriage date please. You said in your question that you got married in October 2021. Are either of the properties let?
Customer: replied 2 years ago.


22 October 2012


 


Neither house is let

Expert:  TonyTax replied 2 years ago.
Thanks.

Leave this with me while I draft my answer.
Customer: replied 2 years ago.


Married date was 22 Oct. 2012

Expert:  TonyTax replied 2 years ago.

Hi again.

As of now, the law says that you have 36 months to sell a property which was previously your main home since you bought it without having to pay Capital Gains Tax.

From 6 April 2014, the exemption for the last 36 months of ownership will be reduced to a period of 18 months. The 36 month window will expire prematurely in your case on April 2014 so if you sell (exchange contracts by 5 April 2014) one of the properties by then, there will be no CGT to pay.

If you sell one of the properties after 5 April 2014, the gain for the period it was lived in by one of you will be exempt as will the gain for the last 18 months of ownership. So, in effect, the gain for each month of ownership after 21 March 2014 will be a taxable gain.

Take a look at HS283 for more information on CGT and the main home.

I hope thiis helps but let me know if you have any further questions.

Customer: replied 2 years ago.


Sorry our marriage date was 22 OCT 2011

Expert:  TonyTax replied 2 years ago.

In that case, for a disposal after 5 April 2014, your 18 month window expired on 21 April 2013. The date in my previous post should have been 21 April 2014, not 21 March 2013. If you can exchange contracts to sell by 5 April 2014, all the gain will be exempt.

If you sold one of the properties after 5 April 2014, about 13 months worth of the gain would be taxable with the first £11,000 being covered by the annual CGT exmeption for each part owner.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15763
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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