Kathryn8765

Hi Gary, I'm trying to find out the answer to that very question but having difficulty getting to the bottom of it. https://community.hmrc.gov.uk/customerforums/cgt/6d8005ef-2e87-ef11-9442-002248c8dc4f I have had a response on that post that suggests going over the 9 months isn't an issue but waiting for clarification as I don't understand the helpsheet. If I get a response over there, will post here. Kathryn

Thank you for your response, however, I do not understand the help sheet. If we buy a new main residence, what is the maximum length of time we have in which to sell the current main residence before we are liable for any capital gains tax? Please spell it out in the very simplest of terms. Thank you.

Thank you for coming back to me. That makes sense however, what is the 9 month period mentioned above all about? I've now found mention of 24 months on the helpsheet so now I am very confused indeed, sorry. In the scenario above, where we buy a new house which will be our permanent residence, then sell our current house, which has been our permanent residence since we bought it 30+ years ago, a few months later after making some repairs, are there any restrictions on how long the gap can be beyween the two?

Hi, In the following scenario, how do I know how much CGT I would have to pay? Current house bought in 1993 for 69.5k, sole residence for all this time, now valued at 400k, an increase in value of 330.5k over 30+ years. Buy new house and put current house on market very soon afterwards, after making some repairs, doesn't sell immediately or sale falls through and actually sells after the 9 month deadline has passed. Surely we wouldn't have to pay tax on 330.5k? Thanks

Thanks very much

Hi, Thank you for your response, I understand the first part so that's a start but I am afraid I need it spelling out very clearly and get very lost on the HMRC help pages, so just to confirm, if I sell my current house within 9 months of buying the new one, I will not be liable for any CGT and I do not need to report this anywhere on any tax return or anything?

Hi, Please can you clarify the following. We bought our current house 30+ years ago and it has obviously increased substantially in value since then. If we buy a new house and do not sell the current one immediately but wait until we have done some repairs in order to sell it, what are the CGT implications? Is there a time limit in which we would have to sell the current house ? I have seen some mention of 9 months being the maximum allowed. Thank you.

Thanks for the response. So, to clarify, can the probate solicitor's cost be included? The house could not have been sold without that expenditure. Is the final gain taxed at 20% or 28%? Thank you.

We (3 sisters) are about to complete on the sale of our mother's house. We have a gain from the probate valuation to the actual sale price. I would like to find a definitive list of what counts as deductible expenses to offset against CGT. I understand the estate has an allowance of £3k. Can all of the following be deducted? Probate solictors' fees Funeral expenses Conveyancing solictors' fees Estate agent fees Also, my mother had an outstanding loan balance and I understand this can also be counted as it became an estate debt when she died. Is there a published list somewhere? I am having trouble finding a clear answer online. Thank you.