Getting married, not selling my home - am I liable for capital gains

S

sunnysj

Registered User
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Hi,

I am due to get married later this year. I currently own a house with my sister, and her boyfriend is going to buy me out of my half. This may not happen for another 12 months, so might I be liable for capital gains tax as my current home won't be my permanent residence after i get married? Or is there some lee-way in such instances?

any help would be appreciated.

thanks
SJ
 
If the property has always been your home/PPR up until now then any gain arising from disposal of your share in it is exempt from CGT up to 12 months after you vacate it as your PPR. Thereafter some portion of the total gain will be assessable for CGT.
 
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