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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10153
Experience:  FCCA FCMA CGMA ACIS
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We sold our main residence in Jan 2020 and did not pay CGT.

Customer Question

we sold our main residence in Jan 2020 and did not pay CGT. We are now living in our second home and plan to sell. I think we will be liable for CGT when we sell but how long can we stay here before it is considered our main home and we have a liability on our main residence that was sold
JA: Where are you? It matters because laws vary by location.
Customer: In England
JA: What steps have you taken so far?
Customer: We have sold main residence and are looking for a new property
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no thanks
Submitted: 11 days ago.
Category: Tax
Expert:  bigduckontax replied 11 days ago.

Whichever way this cat jumps you will still be liable for CGT on that proportion of the gain reflecting the time when it was not your main residence.

Customer: replied 11 days ago.
Thanks. Happy to pay the CGT when we move from here. It won't be that much.But if main residence was liable to CGT it would be significant. Is there a time limit between selling main residence and second home. I think I read you had to move within 3 years?
Expert:  bigduckontax replied 11 days ago.

No and for the last 9 months you are deemed to be in residence even if this is not the case.