CGT and property

sheramber

Bookworm105 said:

sheramber said:

we will be selling the House and my wife will join me in the Flat

The house could be sold before  his wife moves into the flat.

Selling the family home whilst she still lives in it is implicit to the wording: so once you both start living in the flat
or
the house can be sold anywhere from 1 day to 9 months after the wife moves into the flat.

Given it is described as the family home, we are assuming it is by the matter of facts actually the main residence, therefore the flat is liable for CGT for its entire ownership period to date 

your last paragraph refers

so once you both start living in the flat, the other now ex family "home" will be liable for CGT, although of course as it was once your main home, you have the final 9 months of ownership grace period added to the private residence relief period so it will only be liable for CGT on the proportion of time after that point 

Report

The OP was not asking about CGT on the flat which he says they have no intention of selling.

Bookworm105

sheramber said:

Bookworm105 said:

sheramber said:

we will be selling the House and my wife will join me in the Flat

The house could be sold before  his wife moves into the flat.

Selling the family home whilst she still lives in it is implicit to the wording: so once you both start living in the flat
or
the house can be sold anywhere from 1 day to 9 months after the wife moves into the flat.

Given it is described as the family home, we are assuming it is by the matter of facts actually the main residence, therefore the flat is liable for CGT for its entire ownership period to date 

your last paragraph refers

so once you both start living in the flat, the other now ex family "home" will be liable for CGT, although of course as it was once your main home, you have the final 9 months of ownership grace period added to the private residence relief period so it will only be liable for CGT on the proportion of time after that point 

Report

The OP was not asking about CGT on the flat which he says they have no intention of selling.

"report"?

I am clarifying the circumstances for each property based upon one of them being the "family home" where a formal nomination has not been made, and therefore the matter of facts apply as to which one gets PRR in reality for a married couple.  What is your problem?