Buy or wait (Capital Gains)

Seuluj_1

Can anyone give me some advise please, myself and my partner are in a fortunate position of being able to buy another house without having to sell our existing home first, We would like to put our existing house on the market once we have found another to move into. We are worried that we will be liable for capital gains tax if we do it this way.

Any advise Please

CLAPTON

you have three years after you move out before cgt is applicable

Seuluj_1

Thanks for your Reply, I had an idea that was the case but wondered if it made a difference because we already own our original house.

CLAPTON

basically the rule is that capital gains on residential property is exempt from tax for the period you lived there plus the last 3 years
I'm not sure what you mean about 'already own our original house'

Seuluj_1

Thanks for your reply, Sorry it's the way i explained things, I thought that the house had to be your main residence when you sell it and was worried that if you buy another house and live in it before the other is sold then this would be classed as a second home.
Have i got it all wrong?

Can Anyone Give me some more advise Please??