Capital Gains Tax

Yahoo7485

Hello, I am about to finalise the sale on my house and planning on living with family for a while. I asked about any extra costs with the solicitor and they mentioned capital gains tax might be payable but it wasn’t anything that person dealt with. I found a forum which suggested selling your home and not purchasing another within 9 months might mean the tax is payable, does anyone know if that might be the case? Any help appreciated.
Thank you

sheramber

Are you selling your main residence ?

Have you lived in it as your main residence for all the time you have owned it? 

Keep_pedalling

Assuming this house is your home and it always has been while you owned it there will be no CGT regardless of when you buy your next home. If that assumption is not correct then CGT could be due, but again when you buy your next home douse not come into it.

Yahoo7485

Thank you for the replies, I’ve lived there about 8 and a half years and yes it’s my only home. That is very reassuring to know, the house has gone up in value since I bought it which got me a little worried.

saajan_12

Yahoo7485 said:

Thank you for the replies, I’ve lived there about 8 and a half years and yes it’s my only home. That is very reassuring to know, the house has gone up in value since I bought it which got me a little worried.

Have you owned it for more than the 8.5 years? 

Yahoo7485 said:

. I found a forum which suggested selling your home and not purchasing another within 9 months might mean the tax is payable, does anyone know if that might be the case? Any help appreciated.

No, you've misunderstood. For CGT, the only 9month factor is if you move out and don't sell for over 9 months. If you sell early then it doesn't matter how long you DON:T own a house. 

Yahoo7485

Hello, I bought it in Dec 2016.

I started planning to move out last year and registered a bank account where I’ll be living but didn’t get an offer accepted until March this year.

Bookworm225

Yahoo7485 said:

Hello, I bought it in Dec 2016.

I started planning to move out last year and registered a bank account where I’ll be living but didn’t get an offer accepted until March this year.

sorry but tax is based on factual time lines, not "plans"

the property will get PRR for as long as it is your main home plus, as said, a further 9 months after you physically cease to live in it as main home.
you have not yet moved out so your plans are irrelevant, as is wherever else the bank has as an address.