Buying new house but not selling current house

DreamweaverB

Having sold my business I've decided one of the first things I'm going to do with the money is buy a new house.

However with the housing market as it is I'm in no rush to sell my current home that I've lived in for the last ten years and will either just hold on to it (there's no mortgage) or possibly rent it out.

Is there a time limit in which I have to sell it otherwise I'll pay CGT on the first house (10 years ago I paid a lot less than it's worth now even in the current climate) or does the fact that I've lived in it for so long mean I'll never have to pay CGT on this house?

CLAPTON

-You get private residentual relief on any gains for the period you lived in the property plus the last three years..... so you will pay no CGT if you sell within 3 years of moving out.

- If you let the house then you get the reliefs as above plus letting relief
which means you probably won't pay any CGT but it depends upon the values

- you get 9,600 CGT allowance

-if the house is jointly owned the both can claim 9,600

DreamweaverB

That's great thanks - a very comprehensive answer and just the answer I was hoping to hear. :beer: