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You would have to pay some tax on it.
You need to have lived in the current home for 3 years.
So you would pay 1/3rd Capital Gains Tax for 1 years, less allowances
Can I clarify anything for you about this today please?
Sorry, I don't think I made myself clear.
Sorry I don't think I made myself clear. The house I want to rent out, and then sell a year later, is the house that I have been living in for the last 10 years.
You will still have to pay capital gains tax
You can only sell one house without paying tax
Here you will own two houses.
One for primary residence and one for renting out
When you get the second house, your primary residence changes.
Then at the old house which you will rent and sell for 1 year, you will still have to pay 2/3rd capital gains because you have not lived in your new house for 3 years.
Therefore you will have to pay 33% capital gain
This is because you will only have a years relief on the old house
Does that clarify matters?