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Capital Gains Tax and Selling home after marriage
Top_mermaid
Posts: 1 Newbie
Here is the scenario: I have my own home, my boyfriend has his home. We decide to get married so he sells his home and moves in with me. If the sale of his house completes after we are married is/are he/we still liable for capital gains tax? Is there a grace period for selling the home? Are we better to sell his home, then move in together and get married?
Many thanks
Many thanks
0
Comments
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1. grace period 18 months after it ceases to be the main home of the owner
2. married couple allowed only 1 main home between them, obviously therefore the same property for both
https://www.gov.uk/capital-gains-tax
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet0 -
BF will have private residence relief for the time he lives in the property plus the last 18 months of ownership. Once you are married, you are deemed to be living in the same place, yours. So as long as bf sells his place within 18 months of getting married, no CGT. Even if it's a bit longer, there are other potential reliefs.0
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