My husband and I are worried about how much time we have to sell before CGT and higher rate stamp duty kick in
Q I recently got married and we each own a flat. I was told by a friend that if we wanted to avoid capital gains tax (CGT) we would have to sell one of the flats in the first three years of getting hitched. I am thinking of selling my flat to buy a house but since we would still have his flat, would we have to pay second home stamp duty or does that come under the same three-year allowance?
Would we be better off selling both flats within the first three years and buying one together to avoid these massive tax penalties? Some sage advice would be most welcome as the extra 3% stamp duty would definitely have an impact on our search parameters. RR
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