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Conjugal confusion

22 February 2011
Issue: 4293 / Categories: Forum & Feedback , Capital Gains , Only or main residence
A husband and wife own a property jointly, but a second property has recently been purchased solely in the husband’s name. The husband and wife will both live for part of the week in one property and part in the other

My husband and wife clients own their main residence and have done for many years.

No formal election has been made for the property to be treated as such but no other property has been owned by them or is available for their use so the position seems self-evident that the capital gains tax relief under TCGA 1992 s 222 should be available to them.

Another property has recently been purchased about 50 miles away which is nearer to their workplaces.
This new property will be used during the week and they will use their original property which will retain the bulk of their possessions at the weekends.
For reasons best known to themselves (perhaps due to the risks associated with the wife’s business) the couple have decided that the new property would be purchased...

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