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CGT and owning 2 properties
theGrinch
Posts: 3,133 Forumite
in Cutting tax
when moving between properties what is the maximum length of time (or test) does the IR apply for the purposes of capital gains? for example, if I am in property A and purchase property B to move into, but dont manage to sell property A for 6 months or if property B requires work before I can move in.
"enough is a feast"...old Buddist proverb
0
Comments
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Its actually 3 years for CGT as long as house A was your main residence. Then there's some sort of sliding scale after that - its a bit complicated but I can recommend a good book for advice.0
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hello, I was kind of alluding to moving between properties, buying one and selling the other."enough is a feast"...old Buddist proverb0
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The same applies, you won't pay CGT on property A for 3 years. If, however, you change your mind and sell property B without living in it, then you would pay CGT on that property.
So effectively, you could take 3 years to move and still not pay CGT but only if you sell the one you used to live in.
DD0
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