CGT buying before selling

What would the CGT position be if I buy a new home (property 2) before selling old home (property 1) and continue living in property 1 as my main residence while renovations take place in property 2 and I then sell property 1 when renovations are complete? Thanks

Hi

You would normally have to pay capital gains on any gain you make if you dispose of a property.  
Private residence relief is used to reduce a capital gain where the property was your main residence for a period of time.  
Only one property at a time can be considered your main residence for capital gains purposes.  
If you purchase a second property, you will need to write to H.M. Revenue and Customs Self Assessment BX9 1AS, to advise which property is your main residence.  
Private residence relief is the number of months a property was your main residence plus 9 months, over the total number of months you owned the property.  
You will need to decide which property will become your main residence from a particular date.  
The privte residence relief guidance can be applied when you dispose of the first property:
HS283 Private Residence Relief (2023)

Thank you