Writing for The Telegraph, BKL tax partner Geraint Jones look at how capital gains tax applies when married couples each have their own main residence.
Capital gains on your main home are tax free. Geraint Jones, principal at taxation consultancy BKL Tax, said you can make a written election to choose which home is treated as your exempt home, normally within two years of owning it. “If no election is made, the exemption applies to whichever home is as a matter of fact your main one,” he said.