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Married and both own properties
Gotaquestion
Posts: 1 Newbie
Apologies if this is a stupid question: I suspect it's a common issue, but I am unsure.
Both my wife and I own separate properties. We both wish to live together. If I sell my property within two years, is there nothing to do, except inform HMRC of the change of address? Basically, I'm asking if you get two years grace to sell a property, following marriage, after which you must inform HMRC to nominate a property?
Many thanks - just become a bit confused by it all!
Both my wife and I own separate properties. We both wish to live together. If I sell my property within two years, is there nothing to do, except inform HMRC of the change of address? Basically, I'm asking if you get two years grace to sell a property, following marriage, after which you must inform HMRC to nominate a property?
Many thanks - just become a bit confused by it all!
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Comments
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The address you give HMRC, your bank, your GP...is the address where you are living. If you move out of your property and don't tell HMRC, in order to avoid CGT, that's called fraud or tax evasion.0
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You have 2 years to declare to hmrc which is to be considered your (joint) principle private residence. This assumes you have access to both - you can't count a let property as your PPR. If you don't make that declaration in time it is considered on the facts.Gotaquestion said:Apologies if this is a stupid question: I suspect it's a common issue, but I am unsure.
Both my wife and I own separate properties. We both wish to live together. If I sell my property within two years, is there nothing to do, except inform HMRC of the change of address? Basically, I'm asking if you get two years grace to sell a property, following marriage, after which you must inform HMRC to nominate a property?
Many thanks - just become a bit confused by it all!
There is no 2 year exemption on CGT. There is 9 months grace. The capital gain is calculated in a linear fashion, so you get exemption for the time it was your home plus the 9 months grace on a proportional basis of the total time you have owned the property.
So do some back of the envelope calculations to see which gives you lower CGT. Or, if you don't intend selling the remaining property any time soon, you could "risk it" in the hope that the rules change in years to come.
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A married couple can only have one principle private residence.What is your intention?Do you intend to sell
one house and move in the other?
sell both and jointly buy a new principle private residence ?
Live in one of the existing house and let the other house?Live in one of the existing houses and keep the other as a second home?0
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