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Issue:
4890
/
Categories:
Comment & Analysis
, Capital gains tax
, HMRC
, marriage
, Only or main residence
, Capital Gains
, Losses
, Only or main residence
Love and tax part 2: Capital gains tax
Key points
- Generally the capital gains tax rules favour couples in a marriage or civil partnership.
- On marriage or the formation of a civil partnership a couple become a connected party for CGT.
- For the no-gain no-loss rules to apply the couple must be in a legal partnership – living together is not enough but it can apply for couples living separately.
- A couple is only eligible to one main residence for principal private residence relief which can be detrimental if they wish to live apart.
Still on our topic of love and marriage and subsequent to the section on income tax we turn to capital gains tax. What is the impact of a formal legal union whether this is a marriage or a civil partnership on the taxpayer’s capital gains tax position?
The couple become ‘connected parties’
After the ‘wedding party’ and the ‘after-party’ ...
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