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CGT split married couple sole ownership
Hello all, I would be grateful for your wisdom and thoughts on CGT.
My OH and I want to (try and) buy a family home now we have a kid (we currently rent from a family member because when our kid arrived we decided a one bed in the city just didn’t cut it!
I own a flat in my sole name. My OH and I also have one together.
My place may sell for 60k more than bought for
Our joint place may be 50k more.
I calculated the CGT on our joint place is likely below our annual allowance (we lived in it for a while).
For my place in my sole name I am unclear on two key things:
- As we are now married would the CGT liability be split between us, or does the fact that it is in my sole name mean the liability is solely with me?
- CGT allowance being an annual thing, presumably it would be stupid for us to sell both in the same tax year - I feel like this is a really obvious point but looking for validation that - if we sell one place in this tax year, I/we must wait until the following tax year before we can use the allowance on the sale of the second...
Thanks very much in advance!
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