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Jack and Jill each bought neighbouring semi-detached cottages in 1980. The purchases were separated by about six months and each lived for a while in their respective properties.
Sometime later one moved in with the other and they settled down and raised a family and for a while they let the empty ‘semi’ before deciding to amalgamate the two dwellings into one extensively modernising the building in the process. They married about five years ago.
The couple are now contemplating down-sizing and selling the two semis as a whole and have asked me to advise on their capital gains tax position.
Even though the pair married the ownership of the building remains in two halves as each still owns their original ‘semi’. They contemplate selling these ‘halves’ to the purchaser.
My feeling for the sake of simplicity would be to suggest that the spouse...
