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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I have just built a house and I am nearly ready to move in,

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I have just built a house and I am nearly ready to move in, I am going to sell my current house which has been my permanent residence for the last 20 years, it has only been used for residential use for me and my family.When I sell my current house will I have any Capital Gains tax to pay and is it ok to move into my new house ana then pout my old house on the market even though it might take 3-4 months to sell.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

This is definitely a Dad's Army, 'Don't panic!' situation. For the last 18 months of ownership Private Residence Relief (PRR) is extended and you are deemed to be in residence even if that is not the case. Those 18 months will run from when your new dwelling is ready for occupation. The sale of your old house will be that of a sole or main domestic residence. PRR is given automatically, no Capital Gains Tax (CGT) liability.

I do hope that I have been able to set your mind at rest on this matter.

Customer: replied 1 month ago.
to be clear, I can move into my new house at anytime in next 3-4 weeks, then I will have 18 months to sell my previous property without attracting any Capital Gains Tax.I trust I will need to leave my old house empty until I sell it.Regards

Correct; you have it to a 'T' to use an old expression.

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.