Nudge

CGT & Stamp Duty on purchase of Second Home to renovate before sale of First Home I wish to purchase a second home that will require renovation hence I will keep my first home & still live in it until the second home is refurbished & my first home is then sold. Throughout my first home will remain my primary residence up until the point it is sold whereupon I shall move into the second now refurbished home (which is now my only home). My understanding is: 1) Purchasing a second home will incur extra second home stamp duty charges & I would need to nominate my first home as my primary residence for CGT purposes. 2) No CGT will be due on the eventual sale of my primary residence & that when I have moved into my second home (now my only home) it becomes my primary residence. 3) I would need to nominate my newly moved into home (now my only home) as my primary residence. 4) I have 3 years from the purchase of my second home to sell my first home & claim a rebate of the extra second home stamp duty paid within 12 months of selling my first home.