Two homes

I live in my current home but want to buy a new house cash purchase and then put this house on market . I will have made about 200K on it , what would happen if I didn’t sell it in 9 months and move into new property - would I have to pay CGT on 200 K ? Is there anyway round this like staying in this property until sold before moving .

Hi Victoria Britt,
You would be entitled to Private Resdience Relief so capital gains would be reduced.
Please refer to:
Private Residence Relief (Self Assessment helpsheet HS283)
Thank you. 

So could you please advise what this actual means , I understand I have two years to nominate which house is my primary residence ? If house takes a year to sell what would be the implications ? From my understanding if I nominate house A my present residence within the two years there’s no CGT to pay but if I then nominate House B the new house , when I come to sell if CGT would be payable ? Can you please confirm

Hi,

That is correct. you would still be due Private Residence Relief for the period you lived in the property to reduce any taxable gain.You can see guidance here:

Private Residence Relief (Self Assessment helpsheet HS283)

Thank you.