George Roberts

HMRC Admin Thank you for your latest reply. To clarify: NO CAPITAL GAINS TAX on my old home (my sole residence for 38 years, FULL PRR) AND, after buying my new main home, FULL PRR for up to a further 9 months (NO CAPITAL GAINS TAX) until I sold my old one?

HMRC Admin Thank you for your helpful response but so that I can be absolutely clear on this important matter I would appreciate confirmation. Can you confirm that I WOULD be eligible for FULL PRIVATE RESIDENCE RELIEF (PRR) and therefore pay NO CAPITAL GAINS TAX, provided that I sold my current old house within 9 months of buying another (the new one)? If so, how would I claim FULL PRR?

To date I have received conflicting advice from various sources on this matter but I hope that you can give me a definitive answer, please? I bought my current home in 1986 for £56,000 and it is now worth approximately £450,000. So its value has increased by around £394,000. If I were to buy another main residential home before I had sold and disposed of my current one would I be liable for Capital Gains Tax on the £394,000? I have lived in my home for 38 years constantly and have never sublet it or used it for business purposes. Some sources imply that I would be eligible for full Private Residence Relief (PRR) and therefore pay NO CGT, provided that I sold my current old house within 9 months of buying another? However, others state that I would be liable for full Capital Gains Tax on the profit that I had made? I would be most grateful if you could clarify the situation with this matter, please?