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Buying another house before selling current one.
Comments
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@Whatdoiknow - we were in a similar situation, just weren't going to move into house 2 until the floors / decorating had been done and we had sold house 1 (so we could have some furniture
) - we said "yes" to the question, sold house 1 and got the 3% within a couple of weeks of claiming 1 -
Scotbot said:
Not sure were you get that idea from, the posters don't say which house they would be living in. It's common to live in the original property whilst renovating the new oneSlithery said:
Correct. But in both yours and the OP's case this isn't what has happened, the property hasn't been your main residence for the entirety of the time you've owned it so the CGT calculation needs to be done.rhino_horn said:
Not quite true....providing you have lived it full time the whole time you have owned it... no CGT to pay.Slithery said:
This may be true in your case but it isn't a general rule. CGT always needs to be calculated it's just if the amount due is less than your yearly allowance there will be nothing to pay.rhino_horn said:No CGT to payScotbot said:
Not sure were you get that idea from, the posters don't say which house they would be living in. It's common to live in the original property whilst renovating the new oneSlithery said:
Correct. But in both yours and the OP's case this isn't what has happened, the property hasn't been your main residence for the entirety of the time you've owned it so the CGT calculation needs to be done.rhino_horn said:
Not quite true....providing you have lived it full time the whole time you have owned it... no CGT to pay.Slithery said:
This may be true in your case but it isn't a general rule. CGT always needs to be calculated it's just if the amount due is less than your yearly allowance there will be nothing to pay.rhino_horn said:No CGT to payAlthough in this case there's no mention of renovation, so the OP could also be planning to move straight into house 2.I believe CGT rules allow a nine months 'grace' period immediately prior to selling a PPR whether you were living in it or not, which I suspect was probably put in to cover these sorts of scenarios where there is a relatively brief overlap when moving from one PPR to the next0
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