CGT Joint Ownership

[FewEuro]

Hi,

Hopefully someone can help me here, as I really am unsure about this.

Myself and my sister own two houses. I live in 'A' and she lives in 'B'.

If 'A' is sold what is the situation regarding capital gains tax? I know this would be more straightforward if 'A' or 'B' was the Principal Primary Residence (PPR) for both of us.

'A' has been my PPR since the purchase and it would therefore seem unfair if I owed any CGT on the sale of it.

Another question would be, if I was to receive the full profit of the sale and put it into my next house ,PPR, would there be any CGT owed at all as my sister would not 'gain' from the transaction... this is probably wishful thinking...
Any help would be great.

 

[Ham Slicer]

On the sale of A you would have no CGT liability. Your sister would.

There is no rollover relief, so what you do with the proceeds is not important

 

[FewEuro]

Thanks for the reply. I just wondered, do you need to prove that this has been your primary residence?
All documentation regarding my Tax credits etc comes to my PPR ie House 'A' already.

 

[Ham Slicer]

Thanks for the reply. I just wondered, do you need to prove that this has been your primary residence?
All documentation regarding my Tax credits etc comes to my PPR ie House 'A' already.

Not unless they ask