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Posted Thu, 15 Aug 2024 21:42:36 GMT by Stacey Holling
Hello, we have lived in property A for 10 years and this property has been our main residence. We bought the property for £141,000 and the property has been valued at approximately £300,000. Increased value £159,000. We've had an offer accepted on property B, and that sale is going through. Property A is on the market. If we stay in property A, keep as main residence until it sells are we eligible for PRR and therefore pay NO CGT? Also, is there a time frame to sell property A? Thank you.
Posted Thu, 29 Aug 2024 11:18:12 GMT by HMRC Admin 20 Response
Hi,
Per current legilsation, as your main residence, there is no gain to report on property A, we cannot comment on future events as legislation may change.
You will however need to report any gain on property B.
Private residence relief
Thank you.

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