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bigduckontax
bigduckontax, Accountant
Category: Tax
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I have a tax question. I am buying a house at auction but

Customer Question

I have a tax question.
I am buying a house at auction but I also live in a flat at the moment. I want to sell the flat to at auction as soon as possible, but am not able to do it straight away, so it wont be linked to the purchase of the house.
Does this mean I will then have to pay tax if I sell the flat in the same tax year (a couple of months later). If it is possible to link then and not pay tax do I need to tell tax anything?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
You are definitely in the Dad's Army 'Don't Panic!' situation. You have 18 months from the purchase date of the new to get rid of the old residence before Capital Gains Tax kicks in. Even HMRC accept that a house cannot be disposed of as quickly as a second hand car. I do hope that I have been able to set your mind at rest on this matter.
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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