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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 16943
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am looking for property tax advice relating to the

Customer Question

Hi I am looking for property tax advice relating to the disposal of a detached property which I built another new build property in the garden
JA: For which tax year do you need advice?
Customer: 2022
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: 1) I bought a property in March 2015 which was my primary residence
2) Built a house in the garden, started April 2019, completed and signed off May 2021. Lived at primary residence during the build process.
3) The original title was split in May 2019 creating titles for original and new house.
4) Neither house has been rented out.
5) We still haven't really moved into new house. All bills etc still at old house.
6) Old house valued at 650k, new house valued at 850k
Submitted: 12 days ago.
Category: Tax
Sam
Expert:  Sam replied 11 days ago.
Hi

Thanks for your question - I am Sam and  I am one of the UK tax experts here on Just Answer

So what advise do you seek as there is no actual question

Thanks

Sam

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Customer: replied 11 days ago.
Apologies, I am looking to find out what CGT tax I could be liable for if I sold the old house by the end of this year.
Expert:  Sam replied 11 days ago.

Hi

Thanks for your question

If you sell the new build first it might be exempt from capital gains if certain conditions are met

But sale of the old house would be exempt under the private residence relief  as it has been your main residence throughout ownership

So can I ask how large the area is that both builds sit in and will you move into the new build

Thanks

Sam

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