Is there any point in selling up and moving into 2nd home for the last 6 months?

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    Is there any point in selling up and moving into 2nd home for the last 6 months?

    Hi I am tenants in common with my unmarried partner, we have a DOT with him as beneficiary, is there any point in me selling my primary main home and moving into the other house for the last 6 months before selling it? He rented it and declared all the rental income.

    #2
    How is the beneficial ownership divided (presumably by the deed)?
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #3
      He is 100% beneficiary, it’s done through a declaration of Trust not on the deeds, he has also lived in it for a while

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        #4
        I doubt if 6 months stay in other house after rental finishes is adequate time for HMRC to accept it is your main residence .

        If you sell your main home and buy another property, the estate agent and legal costs for selling existing home plus legal and sdlt costs on buying next property must be considered against the reduction to capital gain tax after sale of other house.

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          #5
          If you change the beneficial ownership between the end of any rental income and selling the property, you would be able to use your personal allowance for CGT on disposal.
          Talk to whoever did the original Deed to sort that out.
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

          Comment

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