Selling house

M

mango

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I wonder if anyone can give me some information. I built a house as a single person to live in. Circumstances have changed and I am now getting married next year. This house has only been built. Could you tell me if I can sell this house after being married without all the tax inplications. Will I be penalised in anyway as a result of being married.
 
You can sell it free of any liability to Capital Gains Tax (tax on difference in cost to bulid and salse price) IF you were to re-invest an amout of money-equal to, or greater than your gain in another house that would then be your principle residence.
In your case you have not said if you are buying again or moving in to another house already owned by your husband. If its the latter you may be able to 'buy' a share in the house from your husband, to offset your liability to CGT on the gain. Your husband could then use this money to reduce the mortgage outstanding.
You need to get advice on thjis from an accountant
 
Beg to differ with previous poster. Does not matter what you do with the money from sale of house. What matters is that you are selling your ppr - or within 12 months of it being your ppr- then no CGT.
 
I stand corrected. I was of the opinion the CGT exemption only applied up to 18 mth after the sale, and / or if no PPR was bought to at least the value of the gain, then CGT was due. Happy days! Was it changed at some stage or was I just 100% wrong?
 
Not sure. Could you be mixing it up with the old rollover relief that used to apply for businesses and farms etc?
 
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