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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17220
Experience:  International tax
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If my main house didn't sell but I got finance to move anyway

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If my main house didn't sell but I got finance to move anyway will I have to pay capital gains on the house I've moved out from, it's empty and still for sale.
HelloYou only have a capital gain or loss to report when your property is sold or disposed of.Even then you don’t pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply:you have one home and you’ve lived in it as your main home for all the time you’ve owned ityou haven’t let part of it out - this doesn’t include having a single lodgeryou haven’t used part of it for business onlythe grounds, including all buildings, are less than 5,000 square metres (just over an acre) in totalyou didn’t buy it just to make a gainYou don’t need to do anything. You’ll automatically get a tax relief called Private Residence Relief. You have not had a taxable event yet if your property has not sold.After you view my response, please post if you need more information or if you need no further clarification a positive rating is appreciated.I know rating takes an additional step and I truly appreciate it when you take the extra time!
Customer: replied 2 years ago.
Can you clarify further for me, when I moved out of the home that is for sale it was my main home and I have never let it, but my purchase fell though and because I had to move as my husband was no longer able to climb the stairs I raised finance on another property in order to buy a house suitable to my husbands needs. I have therefore lived in another house since October.
You have not sold the home yet so you have no taxable event yet.Even if you have lived in another house the home for sale can still be your main residence.You are still allowed to claim Private Residence Relief when you do sell.You can nominate one property as your main home by writing to HM Revenue and Customs (HMRC). Include the address of the home you want to nominate. All the owners of the property must sign the letter.Capital Gains Tax QueriesHM Revenue and CustomsBX9 1ASUnited KingdomYou have generally 2 years to do this.
Customer: replied 2 years ago.
So I can say that the house that I have moved out of is my main home and when I sell it I will get private residence relief even although it is not my only home?
Yes you can.This is because you have lived in the home as your only or main residence at some point while you owned it.If you want to nominate a home you must do this within 2 years every time your combination of homes changes.I know rating takes an additional step and I truly appreciate it when you take the extra time!
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