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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My husband and I recently married (23.10.15) signing a pre-nup

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My husband and I recently married (23.10.15) signing a pre-nup to keep all our properties etc separate - I have my own house, he has 2. We know think that as a result of us being married if I sold my house and he sold his house to buy a joint marital home one of us would pay capital gains. We still live "together apart" as I do not plan to move over to Cheshire from Yorkshire until my son finishes school in June 2015.
Are we correct in this view?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Take a look at HS283 for information on the main home and CGT. A married couple can only have one main residence between them and you have two years to make an election from the marriage date for one of the properties to be treated as such. If you don't then the matter will be decided on the facts by HMRC with the right of appeal. However, whether you make an election or not, you each have 18 months after you move out of a property that has been your main home since you bought it or it ceases to be your main home to sell it and pay no CGT. As your husband has two properties, he may or may not have made an election for one or the other to be treated as his main home. I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
So, does this mean if we both sell one property each within 18 months and move into his remaining property (or buy another together) then we do not pay CGT?
Expert:  TonyTax replied 1 year ago.
In a word, yes it does.
However, each of the properties you sell will need to have been your main homes for the entire period of ownership or be sold within a maximum of 18 months after you move out. You look to be looking to do this within 18 months of your marriage to be on the safe side.
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