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Post by Andyberg on Apr 23, 2024 18:57:51 GMT
Go to a fully fledged tax expert instead of google🙄 Jim!🙄
‘A married couple who own more than one home are free to choose which is their “principal residence” for capital gains tax purposes by sending a nomination to HMRC within two years of the situation arising. If they don’t, relief applies by reference to which home was their joint main residence as a matter of fact.
Given Rayner’s apparent misunderstanding of the law, it would be surprising if she and her husband had made a nomination to HMRC. On the facts available, it seems reasonably clear their joint main residence would have been her husband’s house: he seems to have lived only there, their children lived mostly there, and she lived there at least some of the time.
There’s been much speculation about where (Angela) Rayner’s home was during the period of her marriage. But this isn’t terribly relevant – the question is where their joint main residence was, and there’s little doubt that was her husband’s house.’
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Post by Clinton Cool on Apr 23, 2024 19:25:20 GMT
Hubby apparently made over £130000 😱 profit on his house sale, so which was their primary residence as a married couple? Which house sale of the two is liable for CGT on the profit?🤷🏻♂️ 😂 archive.ph/Nq5xyStruggling like a real Tory there lad, go Google "can married couple each claim capital gains on different properties" You and your spouse or civil partner are treated as separate individuals for Capital Gains Tax purposes. Each of you will pay tax only on your own gains and you will get relief only for your own losses. www.gov.uk › publications HS281 Capital Gains Tax civil partners and spouses (2021) 130k profit is small beer, given the rise in house prices. Just had my house valued this week, it's not far off that sort of figure. We've been here a good few years and done lots of improvements. No CGT either. Whoop dee doo! There will be plenty of CGT due when you sell your buy to lets. That's the problem with relatively illiquid investments. Although the new Tory party, now big government tax and spend has now slashed the capital gains tax allowance, it still exists. If you have relatively liquid investments you can take advantage of the allowance each financial year. Something you might describe as failure, I guess. Mind, i suppose you, being a socialist, will be pleased to pay as much tax as possible.
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Post by Clinton Cool on Apr 23, 2024 19:27:14 GMT
Go to a fully fledged tax expert instead of google🙄 Jim!🙄 ‘A married couple who own more than one home are free to choose which is their “principal residence” for capital gains tax purposes by sending a nomination to HMRC within two years of the situation arising. If they don’t, relief applies by reference to which home was their joint main residence as a matter of fact. Given Rayner’s apparent misunderstanding of the law, it would be surprising if she and her husband had made a nomination to HMRC. On the facts available, it seems reasonably clear their joint main residence would have been her husband’s house: he seems to have lived only there, their children lived mostly there, and she lived there at least some of the time. There’s been much speculation about where (Angela) Rayner’s home was during the period of her marriage. But this isn’t terribly relevant – the question is where their joint main residence was, and there’s little doubt that was her husband’s house.’ Yeah but..she's a Northern girl, don't different rules apply?
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