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Posted Sun, 06 Oct 2024 08:21:56 GMT by happy cat
Main residence purchased jointly (married) in June 2013 Smaller second home purchased in October 2021 in Cornwall - title in wife name only (as her side of family inheritance) We are selling both main home in and second home chain free to downsize and buy just one main residence in Cornwall. We have a sale about to complete on our main home in Worcestershire. We have not yet secured a buyer for her second home. To save being homeless upon completion of our main residence we will then use the second home (in my wife's name) as our main residence whilst awaiting for our then main residence purchase to go through - this could be anything from a couple of weeks or a month or so depending on conveyancing. Once it does go though the new higher value purchase requires refurbishment. Upon selling the main residence in Worcetsershire and for the second home in Cornwall is then our main residence (as a stop gap for ? amount of time) upon completion of our next main residence we know we have to state our main residence would be the new higher value purchase (on completion) but what happens with CGT? My wifes Oct 2021 purchase has gone up in value approx £80k (we've read solicitor costs, 2nd home stamp duty, refurbishment costs etc can be deducted) We've also read about a 9 month rule - would the 9 month rule apply if our main residence? Who is liable for CGT and how would it be worked out as it's a complicated situation.
Posted Mon, 14 Oct 2024 08:38:31 GMT by HMRC Admin 19 Response
Hi,
This forum is for general queries only and is intended to help you self-serve. We are unable to provide specific advice tailored to individual circumstances. You can see guidance here:
Capital Gains Tax 
You may wish to contact our Self Assesment team for advice:
Self Assessment: general enquiries 
Or consider seeking professional advice. 
Thank you.

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