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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5113
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I married on 22 OCT.2011.We both had houses and are now thinking

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my wife and I both had houses when we married on 22 Oct 2011.

If we now sell what are the tax implications

Hello and welcome to the site. Thank you for your question.

I assume your were both occupying your properties respectively as main residence.
There is a change to additional relief available when you sell your house that has been your main residence during the period of ownership. Up to 5 Apr 2014 the final 36 months of ownership are covered whereas from 6 Apr 2014 this period will be reduced to 18 months.

Provided you sell your property before 5 Apr 2014 you would qualify for additional relief for final 36 months of ownership. The whole gain would be covered by private residence relief and no CGT payable.

I hope this is helpful and answers your question.

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