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Where Taxpayers and Advisers Meet
CGT marriage and PPR election
I have just married, my husband and I both have our own properties. We live in his and I rent out mine (I lived there previously). I understand as we are married we're only allowed one PPR, so we have to elect one of these properties as our PPR. We intend to move from my husbands property within the year and sell mine within the 3 year PPR exemption. Do we need to declare my husbands property our PPR now, and then after moving declare my property our PPR before selling it to minimise CGT?
Lesley
No election is actually necessary in this instance; the facts will determine which property was your PPR and for what periods. As you say, if your property was your PPR and you sell it within 3 years of it ceasing to be so, that final period of letting will be included within the period of relief as your PPR.
No election is actually necessary in this instance; the facts will determine which property was your PPR and for what periods. As you say, if your property was your PPR and you sell it within 3 years of it ceasing to be so, that final period of letting will be included within the period of relief as your PPR.
