makfai Posted June 9, 2007 Share Posted June 9, 2007 A rather technical question I am sorry to say. [:(]We own a second home (in which our son now lives) in UK. The property is in my name and I want to convert it to both my and my wife’s names. We were married well before the property became mine (following the death of my father) but through an oversight during the disposal of the estate the property was placed in just my name. We have never bothered changing it but thought we might do so now. I have been advised that in the event we eventually sell our second home in UK that (if there is any liability for Capital Gains Tax in France) as the property has been owned for over 15 years there will be no CGT to pay. Does anyone know if this 15 year rule will be affected if I change ownership to both names? Will they still take into account the time my wife will not have been an ‘official’ owner? For example, a) if I pre-decease her will my previous ownership count if she sells after I die? or b) if we sell before either dies will the ownership be interpreted as having started on commencement of the joint ownership? orc) if we sell before either dies would my wife have to pay CGT on ‘her half’ if the house is sold before 15 years has elapsed after her name had been added? Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.