Capital Gains Tax - House ownership and marriage
Maidex
Registered, MAAT Posts: 5
If you get married and you both own a house prior to getting married could there be a CGT cost if either house is not sold within a certain time frame? One person is retired and lives in their house most of the time. The other person works and uses their house as it is nearer to their work and lives with their partner at weekends/holidays. Neither house is rented out and not likely to be.
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Comments
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As far as I am aware they have 2 years in which to elect one of the properties as their PPR0
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Thank you for quick reply. What happens after 2 years as Covid 19 has delayed the couple’s plans?0
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As I said, they need to choose their PPR0
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Thank you - much appreciated0
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