Newly Married and tax

clareybelle

Hi all,

I am recently married and grateful for answers on the following:

I own a house in my name which I currently let as job moved to London and I live with my now husband. He also owns a flat which he lets out so he could rent with me before we got married and his job moved.

Will we need to pay capital gains tax if we sell either or both properties?? HMRC are confusing!!!
We don't know whether to continue to let our both properties as we could never buy where we currently rent. Too expensive.

Now we are married is there anything we should know about re responsibilities/tax/ etc...

Thanks in advance:j: Clareybelle

Keep_pedalling

No one can tell you that without knowing, how much you paid for them, their current value and how long you lived in them.

p00hsticks

As you are not living in either property as your Principal Place of Residence (PPR), then there is potentially a liability for CGT on both properties, although as Keep Pedalling says whether you will have anything to actually pay will depend on how much profit you make when you come to sell, whether you've ever lived in it etc, how much of your CTG allowance you have available for use that year etc...

As a married couple I beleive you are only allowed one PPR between you (and that has to be a proeprty you are actually living in).

However, I think that there are some potential tax advantages in that as a married couple you are allowed to transfer ownership of the properties between each other if advantageous - but I'm no expert, so look into this further if you need to.

[Deleted User]

Two year rule applies.

http://www.nelsonslaw.co.uk/site/library/privateclient/finplan/capitalgainstaxforownersoftwohomes.html