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Will I pay Caiptal Gains Tax?
ian23
Posts: 13 Forumite
Good morning!
I've had an offer accepted on a new property that I will be moving into in a month or so. I was considering renting out my current property when I move into the new one but thinking about the cost of extending the lease (its 91 years currently), the money I spent renovating it and the potential capital gains when I do eventually sell it, it might not be worth it.
So my question is with the offer already accepted, if I now decide to sell my current place and I end up completing and moving into my new property before this one sells will I still end up paying capital gains please? Or as I am selling my home to move into another home, regardless of how long it takes, does it not fall into the CG tax territory?
Both properties are additional homes with no mortgage btw.
Thank you for any guidance. Wasn't sure how to phrase this in google
I've had an offer accepted on a new property that I will be moving into in a month or so. I was considering renting out my current property when I move into the new one but thinking about the cost of extending the lease (its 91 years currently), the money I spent renovating it and the potential capital gains when I do eventually sell it, it might not be worth it.
So my question is with the offer already accepted, if I now decide to sell my current place and I end up completing and moving into my new property before this one sells will I still end up paying capital gains please? Or as I am selling my home to move into another home, regardless of how long it takes, does it not fall into the CG tax territory?
Both properties are additional homes with no mortgage btw.
Thank you for any guidance. Wasn't sure how to phrase this in google
0
Comments
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You get 9 months I think to sell then you still have your yearly allowance.
don’t forget you have to pay the extra 3% SDLT though you should be able to reclaim it2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream1 -
Both properties are additional homes with no mortgage btw.So neither property is your main residence? Then
* you'll pay the additional SDLT on the purchase of the new property, and not be able to reclaim it
* you'll pay CGT on the sale of the current property, subject to allowances.
1
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