Capital Gains Tax

I bought a new house in January 2022 which I moved into in February/March 2022. My previous house and main residence was sold in August 2022, this had been my only residence/house since June 2007. Do I qualify for full private residence relief on capital gains tax despite technically owning two houses for 7 months or so? My previous house was empty/not rented prior to it being sold in August 2022.

Hi,

You should work out the number of months the first house was your main residence and add an additional 9 months to this figure. You should then work out the number of months that you owned the first property. This will give you a Private Residence Relief fraction, that can be applied to the capital gains arising from the disposal of the property. This may cover the gain in its entirety or leave an amount chargeable to Capital Gains Tax. You can see guidance here:

HS283 Private Residence Relief (2024)

Thank you.