I have some final questions.
"If you decide to move to the new built property then you have a period of two years from the time you buy the second property to notify one of them as your main residence."
Do you mean from the time I reserved the offplan property or from the time I have full ownership of it?
From the time of completion and taking ownership.
The off plan will complete in August
I am wondering if the following would work the best for me.
1. I move to the new property in August.
2. Sell the current one to exempt the tax
(What is the latest time I sell the current one to exempt the tax?)
If you sell the current property before end Jan 2016 there will be no CGT on gain made.
3. After that I move to the new one and make it as the main residence then sell it an year after to exempt tax.
Does it work this way?
You can only have one main residence at any one point.
Once you have made the new property your main residence and then decide to sell it after one year then it would be exempt from CGT.
I hope this is helpful.
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