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Subject Topic: Capital Gains Tax (Property)Advice Please
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Personlidds0
via mobile 09/10/2022 at 10:39am
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We currently occupy and own our own home but wish to move and have seen a property we like. If we purchase another property as our private residence before selling our existing property, will we subsequently have to pay Capital Gains Tax on the sale of our existing property, since we'd effectively own 2 properties (though for a short time, hopefully)? Or is there an exemption window?

I realise we would have to pay 3% over and above the current Stamp Duty rate but believe we can claim this back within a 3 year period?

I know I will have to seek professional advice before doing anything but, today is Sunday so the only immediate advice is via Google. I'm hoping someone on here will be able to give me the benefit of their expertise or personal experience, please.


PersonMonty15
09/10/2022 at 11:27am
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Suggest you view the Gov website:
https://www.gov.uk/capital-gains-tax

Quite a lot of detail and explanation there, may answer all your questions.


Personlidds0
via mobile 10/10/2022 at 7:30am
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Thanks Monty but I've already trawled through that and can't find a definite answer to this particular scenario.

I'll take advice on it, today.

👍


Personbadger54
14/10/2022 at 8:00am
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In terms of the extra 3% stamp duty, you can reclaim that if you sell within, I believe, 2 years (it may be 3). I have just done the same, the previous house sold about a year after completing and moving into the new one.The repayment was paid to me within 2 weeks of my sending the form off.
The question of CGT never came up.



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