Selling a home and capital gains tax

ajw13

My wife and I inherited a property which we have renovated and moved into. This has left us with what was our main home to sell. We are selling this to our daughter and fiancé once they have completed renovations they wish to carry out. Once completed they will purchase and sell their current house.
my question is as the sale of our main home has been put on hold during renovations are we subject to capital gains tax 
many thanks in advance 

Keep_pedalling

You could be, it depends on a number of factors.How long have you owned it? When did you move out? 

ajw13

Owned for 27 yrs and moved out about 6 months ago 

ajw13

Sale will be in about 9-10 months

silvercar

Once you become the owner of 2 homes, you have 2 years to declare which is to be considered your principal private residence (provided that they are not let out). Assuming that you are within the 2 year period you are at liberty to declare the old place to be your PPR. 

You can also change your PPR, having initially declared it within the first 2 years window. So once you know the date of sale you can change the PPR to your new place, leaving you 9 months non PPR at your old place, You also have a £3000 CGT allowance each, so you could calculate when the chargeable gain would be £6000 and make the change from that month. 

This does mean you may have a few months of non-PPR on your new place, but if you never sell it or live in it so long that this is lost in time, it shouldn't be an issue. And in any case, who knows what the rules will be in the future.