Nominating a property as primary residence

I am selling my house to my son gift + his contribution I am currently living in sheltered accommodation due to illness and disability, rented not owned should I nominate my permanent home as my primary residence, it is not possible for me to continue living there. Will I have to pay CGT in this situation?

If you only own one home, you cannot make an election (an election is to nominate between two or more homes that you own). The sale to your son will be deemed to be made at market value. If this realises a gain (vs the acquisition price or 1982 value if you bought before this) then it may be subject to CGT. You can still claim principal private residence relief for the period that you occupied the property plus 9 months.

Hi Jane Craig-Tyler,

If you are a resident in a care home, the final 36 months of ownership may qualify for Private Residence Relief if you do not have any other relevant right in relation to a private residence. You can see guidance below as this will affect any potential capital gains due:

HS283 Private Residence Relief (2023)

Thank you.