Cgt & ppr

E

ElaineBenes

Registered User
Messages
16
Hey,

The boyfriend & I both own a house. We currently live in his, while mine (recently built) lies vacant.
We intend to move into my house in the coming months and put his on the market.
We are getting married this summer.

I am aware that a married couple can only have one PPR. Therefore am I correct in assuming that if he sells prior to our marraige, he will not be liable to CGT? However if he sells after, he will be liable to CGT as we are not living in the house?

Thanks!
 
He has 12 months after vacating to sell before CGT kicks in and if sold after this time CGT is calc as follows Gain * (time as PPR + 1 year / time owned )
example
gain 100K (which takes stamp duty legal fees etc into account)
owned for 6 years
time as PPR 2 years

Calc 100K * 3/6 = (50 K less 1250) * 25%
simplified example expressed in years calc may actually be done in days
 
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