Hi.Please note that there is no indexation allowance or taper relief available to reduce gains made by individuals on disposals after 5 April 2008.A married couple who are not separated can only have one main residence between them for Capital Gains Tax purposes. Unless you made a joint election within two years of acquiring the second for one of the properties to be treated as your mian home, the matter as to which property qualifies for main residence relief will be decided on the facts if and when one of them is sold. Transfers of assets between the parties to a marriage are tax neutral, ie there is no gain or loss.Take a look here for information on the tax rules for married couples where they are living together as a couple and where they separate and/or divorce.I hope this helps but let me know if you have any further questions.
Thanks. Good service. I assumed that it would come down to separation or divorce. I shall read this carefully.
Clearly, the Revenue would want cast iron proof or we would all be at it.
It is mooted that the Tories are thinking of excluding the main house from inheritance tax which would complicate things. Why don't they realise that it is the 40% rate which is the killer. Half a million to each spouse plus 10% on the next million and most people would not bother about the tax.