CGT as a single person and getting married

by **maths** on Thu Feb 02, 2012 6:44 pm

It is possible that on marriage if you both move into the property it could become your main if not sole residence; in this case the last 3 years of ownership would be exempt from CGT and lettings relief up to a max of £40,000 would be available.

It all depends upon the facts.

If your property is more suitable for a married couple and convenient for both of you this would help.

by **jen15** on Thu Feb 02, 2012 7:13 pm

Thanks to you all for your help.

by **mullet** on Thu Feb 02, 2012 9:37 pm

We are not moving away from this area until the end of this year, so we could move into the property after we are married (late May) and stay there until November and sell it after this. This would mean I would have lived there, but only for 6 - 7 months, would this help?

Mere occupation of a property does not necessarily amount to residence. It appears that you would live there temporarily, and always with the intention of moving out after a short period. On that basis private residence relief will not be available.