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Capital gains tax
ElaineApps
Posts: 3 Newbie
in Cutting tax
Can anyone please advise on the following scenario. We plan to marry next year and each own our own house. We still live separately and plan to sell both house and buy our home after we marry. What are the tax implications please?
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Comments
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Once you marry, you have two years to nominate whichever of the two properties is your main residence, as while you are married and living together, you can only have one main residence. See:
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2022
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Thankyou. If we well within those 2 years then do we still have to pay capital gains tax?0
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If we sell within the 2 year window do we have to pay capital gains tax? Thanks0
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It depends if there is a gain on the property you don't nominate, but if you sell within 9 months of marriage, the exemption should cover any gain I think, but it is a difficult area.1
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