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CGT home valuation
trigger_926
Posts: 2 Newbie
I purchased a second U K home in March 2022 . My main home had been purchased many years prior and I nominated it as my main residence with HMRC shortly after purchasing the second property.
HMRC wrote back acknowledging this.
In March 2025 I sold the main residence and as such it was not subject to CGT.
I informed HMRC that I now only have one sole residence.
I may wish to sell this property in a few years time and I presume HMRC will expect me to pay tax on any gain that occured during the 3 years that it was considered as my second property. Is that correct? If so, is it best that I get a RICS valuation done now? Will HMRC recognise the valuation done now if submitted to them at a future date when selling ?
HMRC wrote back acknowledging this.
In March 2025 I sold the main residence and as such it was not subject to CGT.
I informed HMRC that I now only have one sole residence.
I may wish to sell this property in a few years time and I presume HMRC will expect me to pay tax on any gain that occured during the 3 years that it was considered as my second property. Is that correct? If so, is it best that I get a RICS valuation done now? Will HMRC recognise the valuation done now if submitted to them at a future date when selling ?
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Comments
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No need to get a valuation, the capital gain will be based on the gain between the original purchase price and the selling price, but you will be able to claim primary residence relief for the period you live there.
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2025
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Thank you. Much appreciated0
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