CAPITAL GAINS TAX IF I BUY ANOTHER HOME BEFORE SELLING MY CURRENT ONE (WITHIN 9 MONTHS)?

Hi dukejohn1001,
Please have a look at the guidance on help sheet HS283 on private residence relief:
HS283 Private Residence Relief (2024).  
You will need to nominate which property is your main residence.  
Please have a look at:
Tax when you sell your home.
Thank you.

Hello. I am trying to get a definitive answer to this issue. I have my current property that I have lived in for the past 42 years up for sale with a local estate agent. I have seen another property that I want to buy. I am prepared to make a cash offer for the new property before mine sells in order to secure the new property. I have been advised by my accountant that I will not be liable for any capital gains tax whatsoever on the proceeds of my sale providing that happens within 9 months of buying the new property. Please can you confirm that this is correct as I would not want to go ahead with this if there was any doubt

Hi ,
 

Private residence relief is the fraction in months of the period of time the property was your main residence plus 9 months, over the period of time you owned the property.  It is used to offset capital gains for the period a property is your main residence.  If the property is your main residenct for the entire period of ownership, then private residence relief equals and cancels out any gain, so no tax is payable.  If you acquire a second or more property, you need to declare to HMRC wich property is your main residence.  Please have a look at the latest guidance on private residence relief on helpsheet HS283 (  HS283 Private Residence Relief (2025)   ). Thank you .