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UKSolicitorJA, Solicitor
Category: Property Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I have just bought a second property which I intend to renovate

Customer Question

I have just bought a second property which I intend to renovate and move into. The property I am living in (for 14 years) currently will be sold once the work is complete. Am I liable for capital gains tax ? Is there a period of time I have to sell my current property in to ensure no capital gains tax?
Submitted: 3 years ago.
Category: Property Law
Expert:  UKSolicitorJA replied 3 years ago.

Your main home which you live in benefits from private residence relief and the disposal will be exempt from capital gains tax as long as it has been your main home and as long as it has been used as a residence and not used for commercial purposes.
There is no set time period in which you have to sell the property.

Hope this helps