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Where Taxpayers and Advisers Meet

Selling main home and moving into second home

Joined:Fri Mar 17, 2017 12:12 am
Selling main home and moving into second home

Postby Tingly » Wed Nov 17, 2021 10:42 am

Selling first hime...moving into second home
by Tingly » Tue Nov 16, 2021 8:03 pm

Good morning

Have posted in another section, but no replies as yet so thought it may be relevant here.

I have lived in my residential property for 40 years, am not quite ready to downsize yet, but thought about buying somewhere smaller and on one level now to use as a weekend place, in order to gradually get used to a different location/smaller place etc.

I know i will pay extra stamp duty on the new small home but am worried about what other taxes i might incur when it comes to selling my current home when i can no longer manage it.

Is it wise to buy now or am i falling into a trap somehow?

Any thoughts will be welcome.

Joined:Wed Aug 06, 2008 3:25 pm

Re: Selling main home and moving into second home

Postby maths » Sun Nov 21, 2021 9:33 pm

As you say you'll have to pay an extra 3%SDLT on buying the downsized home but can reclaim if you sell current property within 3 years thereafter.

There may be a small amount of CGT on sale of current home but, as its been your only home for so long, any charge will be minimal.

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