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Where Taxpayers and Advisers Meet

Gap between buying and selling

Bel76
Posts:1
Joined:Tue Jul 06, 2021 5:03 pm
Gap between buying and selling

Postby Bel76 » Tue Jul 06, 2021 5:09 pm

Hoping someone can help clarify my understanding.

We are buying a house to live in and will be selling our main property. There may be a gap where we own the new property but haven't sold our old house yet.

Having tried to read the guidance am I right in thinking that providing we sell the old house within 9 months there is no liability and we wouldn't need to take any action any longer than 9 months and we should nominate the old house as our main residence?

We also have a let property that we have never lived in which I'm assuming also isn't an issue?

Many thanks.

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Gap between buying and selling

Postby pawncob » Tue Jul 06, 2021 7:55 pm

PPR relief is a matter of fact, but the rules are clear.
See:
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2021
With a pinch of salt take what I say, but don't exceed your RDA

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Gap between buying and selling

Postby AGoodman » Mon Jul 12, 2021 3:39 pm

The other catch is that you will have to pay the additional 3% stamp duty for a second property and then reclaim the difference when you sell your original home.


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