Capital Gains Tax - Married Couple

tsb

Been married 18 months, I own a house and my husband owns a house. We are currently residing in 'my' property. My husband's property is under re-furbishment and when completed, we will be moving there and selling 'my' property. Hopefully this should happen within the next six months.
Can anyone explain if we will encounter any capital gains tax liability when we sell 'my' property, the property we live in now ? Is there any way of minimising any liability that may be due? Thanks...

TEDDYRUKSPIN

Yes!

Your current property in joint names or sole name? If joint, you will have two capital allowances, which is great! If not a small sole.

It also depends on the profit you make as well? Hence, the gain.

CLAPTON

as a married couple only one of your residences can be your Principal private residence (PPR)

if you maintain both then you have two years to 'nominate' one as the PPR.

However when you sell your property it will have been your PPR for the total time of residence... hence no CGT.

tsb

Thanks for the replies, feel a little more comfortable now.

Neither houses are in joint ownership because they were both bought prior to the marriage. Our intention is once 'my' property is sold, to live in my 'husband's' house and probably within two year sell that property and buy a house chosen together. I have lived in 'my' house for six years and my husband's property was his home for over fifteen years and then he inherited sole ownership one year prior to our marriage.

If this flags up any problems please let me know.