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bigduckontax
bigduckontax, Accountant
Category: Tax
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I have just built a DIY new build for my main residence but

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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 2 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.