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Posted Tue, 06 Feb 2024 13:46:23 GMT by
My current home (Home A) is on the market and struggling to sell. In the meantime I proceed to purchase Home B and move into here upon completion. I understand that as long as Home A sells with 9 months of taking ownership of Home B then I shall not be liable to pay Capital Gains Tax on Home A’s sale as per the rules of Private Residence Relief. Do I still need to write to HMRC in order to nominate Home A as my main residence in order to not be liable to pay the Capital Gains Tax when Home A sells within the 9 month period? Thank you
Posted Thu, 08 Feb 2024 09:59:54 GMT by HMRC Admin 20
Hi Eamonn Jasim,
You need to make the nomination within 2 years of having both properties - CG64485 - Private residence relief: only or main residence: two or more residences: right of nomination
Thank you.
Posted Thu, 08 Feb 2024 11:30:53 GMT by
Hi, Thanks for your reply. Under the section “CG64985 - Private residence relief: final period exemption” it mentions: “The purpose of the final period exemption is to help the owner occupier who puts their house up for sale but cannot find a buyer. The current final period exemption is 9 months.” Therefore please can you confirm whether or not I still need to nominate my original property (Home A) even if it does sell within this 9 month final period of exemption? Kind regards, Eamonn
Posted Tue, 13 Feb 2024 14:03:13 GMT by HMRC Admin 32
Hi,

If you manage to sell within the 9 months no but if it looks like you wont meet this deadline, the nomination is recommneded.

Thank you.

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