CGT Status when you sell your primary residence and move into a second home

I have a second home which I am thinking of moving to full-time. When/if I sell my main residence, will I be exempt from CGT even though I've already purchased the house I'll live in? The primary residence was bought in 2003, and the second home was bought in 2013. I may buy a flat with the proceeds of the sale of the primary residence, which will then serve as the new second home, and what is currently my second home - will become my primary residence. Thanks

Hi,

When you acquired your second property, you should have confirmed within 2 years which property is to be treated as the main residence for Private Residence Relief purposes. You can see guidance here:
  
CG64495 - Private residence relief: only or main residence: two or more residences: time limit for nominating

Where no nomination is made, relief will be available in respect of the residence which is the main residence as a matter of fact; the deemed residence is not automatically relieved. Yoiu can see the guidance here:

CG64545 - Private residence relief: two or more residences: no valid notice made

Private Residence relief, where it is due, is used to reduce the capital gain arsising from the property disposal. Guidance on Private Residence Rrelief can be found here:

HS283 Private Residence Relief (2024)

There is a capital gains tax liablity calculator below from which you can elect to register for a capital gains account and report and pay any Capital Gains Tax due.

Tax when you sell property

Thank you.