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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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In August 2016 I married my time partner. He has a flat in

Resolved Question:

In August 2016 I married my long time partner. He has a flat in Brighton. I have a flat in London. I understand we must declare one of the flat our principle personal residence within 18 months of marriage. However, he has seen another flat in Brighton that he would like to buy - after selling the flat he current lives in. Can he sell the first Brighton flat, declare the second Brighton flat as his PPR and then declare the London one our joint PPR in six month's time without incurring capital gains on selling the first Brighton flat?
Submitted: 3 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Expert:  taxadvisor.uk replied 3 months ago.

Thank you for your question.

Your question is about CGT implications of selling the first flat in Brighton.

Please advise if it is his intention to sell the first flat before purchasing another flat in Brighton

Please confirm the first Brighton flat has been your partner's main residence during the period of ownership (throughout or in part).

Many thanks

Customer: replied 3 months ago.
the intention is to sell the first flat and then buy the second. It has been his nain residence.
Expert:  taxadvisor.uk replied 3 months ago.

Thank you for your reply.

As the first flat has been his main residence, he could dispose of that property at anytime within 18 months of moving out and escape CGT in full for these reliefs

- private residence relief to cover all period the property was main residence

- additional relief to cover final 18 months of ownership

The above reliefs would wipe off any capital gain chargeable to CGT.

More information on private residence relief can be found on helpsheet hs283 here

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2017--2

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 3 months ago.

Hello there

Just checking to see if you need further clarification/information or have I answered your question.

Many thanks

Customer: replied 3 months ago.
Hi, sorry for slow reaponse but been busy. Thank you for the reply and link I think you have answered my question.
Expert:  taxadvisor.uk replied 3 months ago.

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Expert:  taxadvisor.uk replied 3 months ago.

I thank you for accepting my answer.

Best wishes.