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TaxRobin
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hi ihave just made 60,000 pounds on the sale of my 2nd home

Resolved Question:

hi ihave just made 60,000 pounds on the sale of my 2nd home 20,000 went towards a new home to live in do i pay tax on 40,000 left or still on the 60,000 thank you
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
If you actually made the 60,000 then you would have that as you gain to declare and the amount you spent on a new home would not count against that unfortunately.
If you live in - not just own - more than one property you can 'nominate' one as your main home. If this was not your main home then Private Residence Relief would not be allowed either.
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