How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 5733
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I have just built a DIY new build for my main residence but

This answer was rated:

I have just built a DIY new build for my main residence but I haven’t yet managed to sell my present house will I have to pay capital gains on the new build if I can’t sell my old property I will need to sell one of them

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

There may be a liability to Capital Gains Tax on the gain made, but remember that for the last 18 months of ownership Private Residence Relief (PRR) is extended and is at 100%. Furthermore you have an Annual Exempt Amount (AEA) of 11.7K to offset any gain.

I do hope that you have found my reply of assistance.

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.

With any luck your gain will be below limits or even covered by the 18 month rule.