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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5115
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am selling my house and I am buying a holiday park home.

Customer Question

I am selling my house and I am buying a holiday park home. If i purchase The park home before i sell the house i will then own two homes. Once The house is sold, will i have to pay capital gains tax on it ?
Submitted: 1 year ago.
Category: Tax
Expert: replied 1 year ago.

Hello and welcome to JustAnswer. I am here to help you. I will review your question and will respond to you shortly.

Expert: replied 1 year ago.

Thank you for your question.

If the house has been your only property and main residence before you buy the holiday park home, then provided you sell it within 18 months of moving out the gain will be covered by private residence relief and there will be no capital gains tax payable on the gain.

I hope this is helpful and answers your question.

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