capital gains on house sale

robbay

Hi,

I have lived in my old house for 17 years and two months ago we bought a new house and took a buy to let on the old house but as we are about put it on the rental market the house prices have significantly increased so we are thinking of selling. I have looked and I think we do not have to pay any capital gains on any profit we make but would appreciate some confirmation of this If possible,

Thanks in advance,

Rob

Keep_pedalling

As it so soon after moving out there will deffinately be no CGT liability, and unless it takes an age to sell, you will be able to reclaim the additional stamp duty you will have paid on the new house.

00ec25

the final 18 months of your ownership of a property that was once your main home are always exempt for CGT no matter whether you live in it, leave it empty or let it

2 months after moving into a new main residence means you have 16 months remaining in which to sell. Even if it takes longer than that it is inconceivable you would pay CGT for at least a while longer anyway because of the additional letting relief you could claim (assuming you did actually let the property - if you don't you can't claim that relief obviously) and the effect of your CGT personal allowance

we mention "we" and "I", are you joint owners or is it just you as sole owner? Two lots of personal allowance, 2 lots of letting relief.... if "you" need them?

read the guide?
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet