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Capital Gains Tax on 2nd home
candyjake1
Posts: 1 Newbie
in Cutting tax
We have built a house in the garden of my house. It is under half an acre. The main house and the newly built house are owned by my husband and I. We are now getting divorced and I wish to move into the new house which is not yet fully built. Our main house will be put up for sale. I'm hoping that I can use some of the money from the main house to finish the new house off. Will I liable for any capital gains tax on this. The new house has been left half built for the past two years. Any comments would be appreciated.
0
Comments
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see page 4 and the section about private residencne relief and divorce. In essence the ex martial home counts for both of you as the exempt property until you cease to live together and then you have 3 years after that in which it remains exempt
http://www.hmrc.gov.uk/helpsheets/hs281.pdf
I am not sure of the implications of CGT on your half built house. I think it is not yet liable for nCGT but there are time limits around building phases which others may know about0
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