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Reliefs available to married couple who want to sell their former properties.
My clients are a couple who married in August 2007. Before their marriage the wife had been living continuously in her own flat bought in 1991 and the husband likewise in his own flat bought in 1999.
At practically the same time as they married the husband decided to buy a cottage in his own name for them to live in and they moved in on returning from their honeymoon. The two former main residences were then let. They now wish to sell the two flats. The gain on the wife’s flat will be about £200 000 and that on the husband’s property is likely to be about £300 000.
I am unclear as to how much only or main residence relief (OMR) and lettings relief each of them is entitled to claim. On my reading of the legislation both properties appear to qualify for these reliefs. The wife...
