CGT

I bought the property I live in 1980. My wife has been living with with me since 1988. In 1990 we bought another property. We want to sell the property we live in and move to the other property we bought in 1990. Do we pay CGT?

Hi Emil and Ewa Kowalski

Private residence relief will cover the property acquired in 1980, as it is your principle private residence.  
Only once you have disposed of this property can you claim that the other property is your principle private residence from that date.  
If you late dispose of the property acquired in 1990, then you may have capital gains tax arising on gains from 1990 to the date it became your principle private residence.
Please see  HS283 Private Residence Relief (2024) Updated 6 April 2024

Thank you