PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

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:

  1. 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?
  2. 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!






Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.6K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.