Capital Gains due or not?
Discussion
We are completing on a new build house in 2 weeks in joint names. We have bought it separate from selling my partners house just so we didn’t miss the one we wanted.
We have to pay the higher stamp duty because of this but if her old house goes through 3 months later would she have to pay capital gains. It’s been her home for 10 years.
We know we can claim the stamp duty back once hers goes through but if she liable for capital gains?
Don’t think so as it’s just delayed and not happening on the same day and it’s not a second home and will move from one to the other when we complete.
Not sure of the rules but it’s because of the poor market, we can’t afford to keep both.
Anyone know?
We have to pay the higher stamp duty because of this but if her old house goes through 3 months later would she have to pay capital gains. It’s been her home for 10 years.
We know we can claim the stamp duty back once hers goes through but if she liable for capital gains?
Don’t think so as it’s just delayed and not happening on the same day and it’s not a second home and will move from one to the other when we complete.
Not sure of the rules but it’s because of the poor market, we can’t afford to keep both.
Anyone know?
Even if there was some Capital Gain on the disposal of her original house, it would be severely mitigated by the fact that it was her main residence for many years. In fact, it might be mitigated to the extent that there should be no tax due.
Your friend was right to warn you about POSSIBLE CGT issues but in the circumstances you describe it's highly likely there would be none.
Your friend was right to warn you about POSSIBLE CGT issues but in the circumstances you describe it's highly likely there would be none.
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