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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I plan to sell my house and move into a property I purchased

Customer Question

I plan to sell my house and move into a property I purchased 12 years ago. The tenancy agreements finishes on 30/06/15.
I realise that there is no capital gains tax to pay on my existing home. However please can you confirm that capital gains tax will only arise on the other property if I sell it in the future.
Submitted: 1 year ago.
Category: Property Law
Expert:  Ash replied 1 year ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Just to be clear the house you are moving into, is that the one with the tenant?

Alex Watts :

You are selling your primary home

JACUSTOMER-k6ky1qv8- :

Yes that is correct.

Alex Watts :

Ok - then if you live in this new home for 3 years (your primary home) there will be no CGT to pay/

Alex Watts :

If you sell it within 3 years then you will pay a tapered reduced rate depending on how much its been your primary home

Alex Watts :

But yes you dont pay CGT until you sell it

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-k6ky1qv8- :

Alex, thank you very much for confirming this.

Alex Watts :

Happy to help. Can I help with anything else today?

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


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