Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Wed, 16 Nov 2022 18:01:53 GMT by Gary Coombs
My son is in the process of moving home to a newbuild, the completion of which has been delayed for months because of Covid, among other excuses. In the meantime the buyer of his existing home has withdrawn. He has arranged bridging finance for the new purchase and will of course suffer the extra SDLT, which he can reclaim within the relevant time limits. But my question is about CGT when he finally sells his old home. The expectation is that he will sell his old main residence within a few months (offer recently accepted but will not be in a position to complete before he has to complete on the new home) and that he will get full PRR. If that is the case, such that no CGT is payable, does he need to report the sale to HMRC for GCT purposes? I have searched your guidance and think the answer is "no" but am not 100% certain. Can you please point me at the relevant guidance?
Posted Fri, 18 Nov 2022 15:38:52 GMT by
Hi Gary Coombs

If the property has been his only and main residence for the whole period of ownership there is no need to declare the gain:

Tax when you sell property

Thank you. 
 
Posted Fri, 18 Nov 2022 16:01:17 GMT by Gary Coombs
Thank you - I thought that was the case but wanted to check.

You must be signed in to post in this forum.