CGT - Wife's Foreign Property

[stewart98]

My wife is selling her property in Senegal which she bought when she was single and only a national of Senegal (in 2006). We married in 2008 and she is now British too. She lived permanently in the property until she became resident in UK later in 2008.
Questions :-
1). What date did she lose PRR - date of marriage ? date of entry with permanent right to stay in UK ? end of that tax year (5/4/2009) ?
2). Do we both now share any capital gain (benefit from 2 x annual allowance) ? - she is the SOLE owner of the property and we have NOT made any election to split ownership (and do not want to because it would complicate sales process in Senegal).
3). Exchange rates - guidance is pretty clear. However, as she was not a UK citizen (or resident) when she bought and built the property, what are the precedents/rules for ONLY converting the GAIN into pounds (rather than each cost and the sales price separately) ? Specifically, she paid for the house and built it in local currency - sale would be in local currency.
Thank you

[AGoodman]

1. She loses her PPR from the date it ceased to be her main home (and was in occupation) so likely when she first came to the UK - although it could be later if she retained it as a home for use on visits and only rented in the UK. Bear in mind that she also benefits from PPR for the last 18 months of ownership irrespective of occupation/use.
2. No. UK tax is generally separate. She could make a declaration of trust that she holds it for both of you in equal shares, which would allow you to each use your annual exemptions so long as this did not have implications in Senegal.
3. She needs to calculate the acquisition value in GBP based on the exchange rates then and the sale price in GBP based on the exchange rate at the time of sale. Citizenship/residence is irrelevant.


AG