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The effects of divorce on only or main residence relief
KEY POINTS
- Transferring the main residence to the other spouse.
- Capital gains tax may be chargeable when one spouse leaves the home before sale.
- Tax implications of a trust created by a Mesher order.
- Tax relief on splitting jointly owned properties.
Only or main residence relief is superficially an elegantly simple concept.
For people with tidy lives it is straightforward relieving gains on their main homes without them even having to consider the matter.
For others the world is more complex and the rules have corners and quirks to reflect the intricacy of some people’s lives.
Divorce including the dissolution of a civil partnership is a classic case of where things can become difficult; yet the only or main residence relief rules can be surprisingly helpful.
In general ...
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