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Where Taxpayers and Advisers Meet
Divorce and capital gains tax
-
jane@people-4-people
- Posts:1
- Joined:Wed Aug 06, 2008 3:10 pm
My husband is thinking about moving in to our second property (used as a holiday let) and making it his main residency after our divorce. Will he then be liable to capital gains tax if he sells the property. If not, how long does he have to live there in order for it to be acknowledged as his main residence?
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accountant@uktaxshop
- Posts:550
- Joined:Wed Aug 06, 2008 3:04 pm
Jane,
Your husbandÂ’s occupation alone will not necessarily remove CGT entirely from the property unless you have owned it for only a short while, but it will certainly help.
Given the property is currently used as a holiday let it will already be eligible for some rather powerful tax reliefÂ’s. The combination of the two may well keep the tax due relatively low.
If you need some help putting together a computation and looking at the options, then please get in touch. It shouldnÂ’t normally take too long.
Regards,
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01284 764436
Your husbandÂ’s occupation alone will not necessarily remove CGT entirely from the property unless you have owned it for only a short while, but it will certainly help.
Given the property is currently used as a holiday let it will already be eligible for some rather powerful tax reliefÂ’s. The combination of the two may well keep the tax due relatively low.
If you need some help putting together a computation and looking at the options, then please get in touch. It shouldnÂ’t normally take too long.
Regards,
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01284 764436
