Rob D
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CGTax liability on my home if I buy a second property to renovate and move into before selling
We have lived in the house that we built 20 years ago without absence or sub letting. We are now considering downscaling, buying another property to renovate, move in on completion and then sell our existing home. The renovation could take up to 18 months, 2 years. Would we be liable for capital gains tax on selling our principle residence/home, as I would have owned the second property, but not lived in it, for 2 years? Also, as we built the property, would it be the total monies spent to build or is it just the land cost as a starting point to calculate the tax liability?