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CGT on second property
emma999_2
Posts: 7 Forumite
in Cutting tax
Hi Hope someone can help me out with a question I have.
I bought a property in January 2006.
I have moved in with a partner back in September of 2009 (and rented my house out to tenants to cover mortgage)
We are now planning to marry in June 2011.
We had planned to sell the property after the wedding - but I am now worried that as a couple we are eligible to pay CGT on my house once sold.
I was aware that I had three years to sell the property and not be eligible to pay CGT but does the marriage now throw a spanner in the works, as as a i couple we can only have one main residence and the other is taxable.
Didnt buy property to make a profit, didnt sell before now for obvious reasons - but with the wedding coming up no need to retain property.
Help - do I sell before wedding????
I bought a property in January 2006.
I have moved in with a partner back in September of 2009 (and rented my house out to tenants to cover mortgage)
We are now planning to marry in June 2011.
We had planned to sell the property after the wedding - but I am now worried that as a couple we are eligible to pay CGT on my house once sold.
I was aware that I had three years to sell the property and not be eligible to pay CGT but does the marriage now throw a spanner in the works, as as a i couple we can only have one main residence and the other is taxable.
Didnt buy property to make a profit, didnt sell before now for obvious reasons - but with the wedding coming up no need to retain property.
Help - do I sell before wedding????
0
Comments
-
you are allowed cgt exemption for the period of residence plus the last three years
so you have until 2012 to sell before there is a potential cgt liability; subject of course to any changes made in the budget
being single or married makes no difference0 -
Clapton - Thankyou so much - you have put my mind at rest0
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