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You don’t know?
Key points
- Most people assume they know no tax is due when they sell their home.
- A couple planning to marry must make an election – if both own a property – as to which will qualify for main residence relief.
- What happens if each spouse continues to live apart in their own home?
- Lack of tax knowledge and the high-income child benefit charge.
Is it time to update the marriage vows? They are not immutable – after all the word ‘obey’ is now often omitted. What I have in mind is an amendment so that they now read:
I (name) take you (name)
to be my wife/husband
to have and to hold
from this day forward;
for better for worse
for richer for poorer
in...
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