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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have been single all my life and am about to get married

Customer Question

I have been single all my life and am about to get married but own a flat purchased many years ago and in which I have lived for many years.
My tobe wife has a house she has owned and lived in for many years.
We both propose to sell our respective properties and buy one for our future joint occupation
Do we have any liability on our existing properties for CGT when we sell those after our marriage
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

There will be no liability to CGT if you were to dispose of your respective properties within 18 months of moving out of them as all gain would be covered by private residence relief, the properties being your main residence before you buy a joint property.
Private residence relief covers all the period the property has been your main residence.
Additional relief for final 18 months of ownership is also available.

More information on this is covered in HMRC helpsheet 283 here

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323679/hs283.pdf



I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Expert:  taxadvisor.uk replied 2 years ago.

Hello Brian

I notice you have viewed my response to your question about CGT on sale of existing properties (JACUSTOMER-moenv128- Last Viewed on 5/19/2015 at 1:21 PM).


I am just checking to see if you have any issues relating to your question that I may not have addressed.


Please let me know if I can be of further assistance.