Capital gains tax on property help!! please

Options
2»

Comments

  • brodev
    brodev Posts: 1,018 Forumite
    Options
    Can a married couple with 2 houses elect to have both of them as main homes as individuals? ie. husband in 1 house / wife in the other
    Something Really Interesting
  • brodev
    brodev Posts: 1,018 Forumite
    Options
    brodev wrote:
    Can a married couple with 2 houses elect to have both of them as main homes as individuals? ie. husband in 1 house / wife in the other
    I have found on another site that the answer to my question is NO
    Something Really Interesting
  • sneekymum
    sneekymum Posts: 4,782 Forumite
    Options
    I wonder what happens to people who part company but never get divorced - perhaps for religious reasons...
    still raining
  • brodev
    brodev Posts: 1,018 Forumite
    Options
    I believe that a separated couple can have 2 houses as main homes, but it has to be genuine as IR will examine
    Something Really Interesting
  • dcrooz
    dcrooz Posts: 22 Forumite
    First Anniversary Combo Breaker
    Options
    Hi,

    What if an individual is living in rented accomodation but they also own a flat (the only property they own) which they are in turn renting out to a third party.

    Would any capital gains on the rented flat be taxed or as it is the only property the individual owns would it be regarded as their main home despite the fact they don't live there?

    Also, if this individual got married and went to live in a house owned by their spouse, would this have any implications?

    Many thanks
  • sneekymum
    sneekymum Posts: 4,782 Forumite
    Options
    whoops - careful you don't lose out big time - you need some serious proof of residence to claim exemptions. Owning a property and paying rent to live somewhere else doesn't help at all - the main residence is the one you live.

    There are some rules about getting married which help (don't know what they are though) - but only if you can prove that your flat was your main residence for at leat some period of time.
    still raining
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards