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Buying a second home

(2 Posts)
itsbritneybiatches Sat 22-Dec-18 08:16:30

I'm halfway through a mortgage application to buy my current home and it's just in my name.

I'm due to get married next year.

My partner is also going to buy a house next year I just his name.

We live together. When my partner buys the second home, we will live there and a family member will live in our current home that I am in the process of purchasing.

Can anyone advise what taxes we will be subject to on the second house. We will be married at that point but have a house each in single names not joint names.

OKhitmewithit Mon 07-Jan-19 08:37:19

You will pay income tax on the rental income. You will pay CGT on the gain in value when you sell, minus some allowances.

Stamp Duty on the 2nd purchase, I think when your husband buys you will no longer qualify to have the additional 3% exemption. He should buy before you marry to miss that.

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