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Getting married with 2 main residences... what to do?
BPL
Posts: 192 Forumite
Hi,
I suppose we should count ourselves as lucky in late 50s! Does anyone have any first-hand experience of this situation? HMRC say only one main residence per couple but I couldn't realistically sell my house in the next few weeks (or would want to) to avoid having 2 houses. I realise I'm liable for CGT after a period but how long will HMRC allow if any? I can't be the only person in this situation so I'm hoping there is a solution. I don't really want to become a landlord as I have other income and CG liability.
TVMIA
I suppose we should count ourselves as lucky in late 50s! Does anyone have any first-hand experience of this situation? HMRC say only one main residence per couple but I couldn't realistically sell my house in the next few weeks (or would want to) to avoid having 2 houses. I realise I'm liable for CGT after a period but how long will HMRC allow if any? I can't be the only person in this situation so I'm hoping there is a solution. I don't really want to become a landlord as I have other income and CG liability.
TVMIA
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Comments
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You have nine months CGT exemption from the date it ceases to be your PPR - and if you have been living in it for any length of time chances are that you will have little or no CGT liability anyhow.0
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I've been in it for 30 years. Am I only liable for CGT for 9 months after marriage, based on sale price minus the market value at M+9months?p00hsticks said:You have nine months CGT exemption from the date it ceases to be your PPR - and if you have been living in it for any length of time chances are that you will have little or no CGT liability anyhow.0 -
Boadly, yes.BPL said:
I've been in it for 30 years. Am I only liable for CGT for 9 months after marriage, based on sale price minus the market value at M+9months?p00hsticks said:You have nine months CGT exemption from the date it ceases to be your PPR - and if you have been living in it for any length of time chances are that you will have little or no CGT liability anyhow.
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What's the unbroad bit....?canaldumidi said:
Boadly, yes.BPL said:
I've been in it for 30 years. Am I only liable for CGT for 9 months after marriage, based on sale price minus the market value at M+9months?p00hsticks said:You have nine months CGT exemption from the date it ceases to be your PPR - and if you have been living in it for any length of time chances are that you will have little or no CGT liability anyhow.0 -
BPL said:
What's the unbroad bit....?canaldumidi said:
Boadly, yes.BPL said:
I've been in it for 30 years. Am I only liable for CGT for 9 months after marriage, based on sale price minus the market value at M+9months?p00hsticks said:You have nine months CGT exemption from the date it ceases to be your PPR - and if you have been living in it for any length of time chances are that you will have little or no CGT liability anyhow.There's a calculator here wher you can try plugging in some numbersbut basically, if you;ve lived in it as your PPR ever since you bought it, and you then sell it within 9 months of gfetting married and miving out, there will be no CGT to pay. After that you work out the gain based on a proportion of (the market price you sell it for minus the market price you bought it for minus buying and selling costs). The proportion is determined by how long you've owned it in months compared to how long it's been your PPR in months, plus nine months - it's very unlikely to work out as a significant amount of money, and you have an annual CGT allowance of £12,300 that you vcan potentially use.
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BPL said:
What's the unbroad bit....?canaldumidi said:
Boadly, yes.BPL said:
I've been in it for 30 years. Am I only liable for CGT for 9 months after marriage, based on sale price minus the market value at M+9months?p00hsticks said:You have nine months CGT exemption from the date it ceases to be your PPR - and if you have been living in it for any length of time chances are that you will have little or no CGT liability anyhow.
Allowable expenses. Annual personal allowance. Fine detail on dates.
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Out of interest, can a married couple not have 2 separate residences?Is there anything that says they have to live together?1
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Of course you can live apart, but there are tax implications.newsgroupmonkey_ said:Out of interest, can a married couple not have 2 separate residences?Is there anything that says they have to live together?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.3 -
The value at marriage (or marriage +9 months) is not used. The only values used are purchase and sale and then a large proportion of that gain is exempt because of the years you lived there.BPL said:
I've been in it for 30 years. Am I only liable for CGT for 9 months after marriage, based on sale price minus the market value at M+9months?p00hsticks said:You have nine months CGT exemption from the date it ceases to be your PPR - and if you have been living in it for any length of time chances are that you will have little or no CGT liability anyhow.
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
Simple: Don't get married & save money - or get married because you both think money ain't everything. Your choice, your decision.BPL said:Getting married with 2 main residences... what to do?
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