Will try to keep it brief. Main house in mine and wife’s names. Rental house also in both names.
Rental has been empty for a year now.
We are possibly splitting up, so I’d move in to the rental.
At that point we’d probably move it into my name.
For selling on:
How long would I have to live there for it to be classed as my main residence?
Would the timer start from when it was last rented, when I changed into my name, or would it have to be formal divorce to divide both houses?
If we’ve had it for say 10 years, and in the above circumstances it is my only property, would I still be liable for GCT for the period it was joint owned and rented out?
You mentioned divorce and if that’s where you’re heading then this is all stuff I’d be asking whichever solicitor you instruct as you’ll be paying them for that kind of advice anyway.
You can declare the property your main home once you move in, but it won’t help much. When you sell, you will still pay cgt on the proportion of time that it wasn’t your main home, with an additional very small discount if its your PPR at the point of sale.
Transferring you wife’s share to you will be a disposal for CGT purposes and your wife will have to pay her share once that happens. Yours will come later if you sell.
You should find all the records of purchase costs, (legal fees, stamp duty, survey etc), improvements and sales costs, (legal fees, estate agents etc) and each of you use them to reduce your liability.