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Home » News & Insights » Terrific Tuesday Tax Tip- Marriage/ Civil partnerships and your Main home

Terrific Tuesday Tax Tip- Marriage/ Civil partnerships and your Main home

Posted on 21st July 2021

Marriage/ Civil partnerships and your Main home

If both individuals, due to get married or enter into a civil partnership own separate property which they continue to occupy for a significant length of time, they are required to nominate one of them as their main home within two years of their marriage or civil partnership. Once they are married, they are only allowed one main property for tax purposes, it is therefore tax efficient to nominate the property that is most likely to utilise the Capital Gains Tax Property Exemption. If you fail to nominate a main residence, HMRC will simply designate the property which you are resident at most often as your main residence.

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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