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Posted Thu, 10 Oct 2024 17:41:53 GMT by Kathryn8765
Hi, Please can you clarify the following. We bought our current house 30+ years ago and it has obviously increased substantially in value since then. If we buy a new house and do not sell the current one immediately but wait until we have done some repairs in order to sell it, what are the CGT implications? Is there a time limit in which we would have to sell the current house ? I have seen some mention of 9 months being the maximum allowed. Thank you.
Posted Wed, 16 Oct 2024 14:10:17 GMT by HMRC Admin 33
Hi,
Please see HS283 Private Residence Relief (2023).
Please note you will receive PRR for the period you lived in the property plus the final 9 months.
If you actually live in the property in any of the final 9 months this is already included as part of the initial PRR and you cannot claim it again.
Thank you
 
Posted Fri, 25 Oct 2024 14:38:50 GMT by Kathryn8765
Hi, Thank you for your response, I understand the first part so that's a start but I am afraid I need it spelling out very clearly and get very lost on the HMRC help pages, so just to confirm, if I sell my current house within 9 months of buying the new one, I will not be liable for any CGT and I do not need to report this anywhere on any tax return or anything?
Posted Fri, 01 Nov 2024 12:10:21 GMT by HMRC Admin 21 Response
Hi Kathryn8765
That is correct.
Thank you.

 

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