I was told if I sell my property I might be liable for stamp duty and capital gains tax
Q My long-term partner and I are thinking about getting married, mainly as we are worried that if one of us dies suddenly, the other will face an inheritance tax bill as what we would leave to the other would exceed the inheritance tax threshold of £325,000. This seems a no-brainer as I own a property worth £400,000 with no mortgage as does my partner. We live separately and each property is in our own name. She stays at my property in Glasgow at weekends only, and lives and works in London during the week. She is a higher-rate tax payer and I am self-employed and earn about £12,000 a year.
However, a friend mentioned that we will have two issues if we get married: stamp duty land tax (SDLT) and capital gains tax (CGT). So if I were to sell my property once married and buy a new main residence, would I have to pay the extra 3% land tax even if we are still living separately?
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