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Where Taxpayers and Advisers Meet

bought new house and now selling current home

riccardob
Posts: 92
Joined: Sun May 29, 2011 10:02 am

bought new house and now selling current home

Postby riccardob » Thu Jun 06, 2019 9:13 pm

hello,

we bought a house and we are now selling
our current home of 12 years. the house we just bought
is being renovated and we will move into it once the current home is sold.

could we be liable for capital gains or is there
any relief we could apply for?

regards

Jholm
Posts: 103
Joined: Mon Mar 11, 2019 4:22 pm

Re: bought new house and now selling current home

Postby Jholm » Fri Jun 07, 2019 1:32 pm

In its' simplest form, if it has always been your main residence, then it will be covered entirely by Principle Private Residence Relief.

Details as below:

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet

riccardob
Posts: 92
Joined: Sun May 29, 2011 10:02 am

Re: bought new house and now selling current home

Postby riccardob » Fri Jun 07, 2019 1:58 pm

In its' simplest form, if it has always been your main residence, then it will be covered entirely by Principle Private Residence Relief.

Details as below:

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet
thanks.

do i need to send a nomination form to hmrc or is this not necessary?

AGoodman
Posts: 865
Joined: Fri May 16, 2014 3:47 pm

Re: bought new house and now selling current home

Postby AGoodman » Fri Jun 07, 2019 3:49 pm

If you only had the one home (before buying the new one) there should not be any need. It remains your main home as a matter of fact until you move out.

AdamS93
Posts: 238
Joined: Tue Sep 26, 2017 6:28 pm

Re: bought new house and now selling current home

Postby AdamS93 » Sat Jun 08, 2019 9:47 am

Once you move to your new home, the clock starts ticking on your old house... if not sold within 9 months you will have to consider CGT. The longer it goes unsold beyond the 9 month period, the more the CGT.

pawncob
Posts: 4374
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: bought new house and now selling current home

Postby pawncob » Fri Jun 14, 2019 12:52 pm

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg65003
With a pinch of salt take what I say, but don't exceed your RDA


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