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Capital Gains Tax

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The Shaggy D.A.
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PostPosted: 20:31 - 30 Aug 2018    Post subject: Capital Gains Tax Reply with quote

Quick query. Moving house. Own first one outright, bought for £50k, now valued £200k. Buy second one with cash, move in, sell first, maybe a month overlap. CGT due on sale of first house?
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MarJay
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PostPosted: 21:26 - 30 Aug 2018    Post subject: Reply with quote

How long did you live in house #1? It affects how much capital gains you pay.
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The Shaggy D.A.
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PostPosted: 21:27 - 30 Aug 2018    Post subject: Reply with quote

30 years.

Looks like I have an 18 month window :-

https://www.telegraph.co.uk/tax/capital-gains/how-long-can-we-keep-our-old-home-before-we-have-to-pay-capital/

I'll have a chat with HMRC.
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Itchy
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PostPosted: 21:40 - 30 Aug 2018    Post subject: Reply with quote

None as you get private residence relief.

The gain only comes when you realise it by selling it.

It's why MPs in the past flipped their homes (residence definition) to minimise their tax liability.

So what you need to do is buy the new one and keep your old home nominated as your principle residence then change it over once it has been sold = no CGT.

What you might need to be wary about is SVA where you get charged more stamp duty if you already own property.
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The Shaggy D.A.
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PostPosted: 22:02 - 30 Aug 2018    Post subject: Reply with quote

Aye, but I can get a refund on stamp duty.

https://www.gov.uk/government/publications/stamp-duty-land-tax-apply-for-a-repayment-of-the-higher-rates-for-additional-properties
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Riejufixing
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PostPosted: 23:18 - 30 Aug 2018    Post subject: Re: Capital Gains Tax Reply with quote

The Shaggy D.A. wrote:
Quick query. Moving house. Own first one outright, bought for £50k, now valued £200k. Buy second one with cash, move in, sell first, maybe a month overlap. CGT due on sale of first house?


You're selling yoiur principal residence. You will then make the new one your principal residence. No tax.
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