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sticky

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Having recently purchased second house and put main residence on market, had to take off market again as selling.exchanging contracts etc. would have coincided with my wife giving birth to twins. So to avoid stress etc. planned to put back on market after move to new house. Dont plan to rent house before selling.Am i liable for CGT and if so how much?
 
If you sell the property within 12 months of moving to your new Principal Private Residence then the sale should be exempt from CGT as far as I know.
 
Clubman is correct. This applies where you have already moved. The last twelve months of ownership is a 'deemed' occupation. Assuming this first was your principal residence (and it seems that it was) then you wont have CGT.

In the alternative, if you have not moved, the first twelve months of the secondcould be a 'deemed occupation' once you have spent a night there. So you could have two periods.
 
hi

does anyone know if this also applies if you have the original house rented for a period during the first year?
ie could you buy your new house and move in to it
rent your first/original home out for say nine months - then sell it and pay no cgt?
or does renting it cancel out the possibility of you not paying cgt on it??

thanks
pat
 
pats22 said:
does anyone know if this also applies if you have the original house rented for a period during the first year?
Click to expand...

As far as I know it does but best to double check. Obviously if this occurs within the first five years of ownership the stamp duty clawback still applies.
 
Ah
thanks for the reply
the stamp duty - i know i didnt pay any at the time i bought the house- but does anyone know where i could find a list of the old stamp duty rates to see if it would have been due stamp duty had i bought it as an investment property

i paid 137,000 punts for it in sep 2000 so its nearly been five years anyway but id like to find out whether it would have been due stamp duty had it been bought as an investment property- as if it had ill obviously have to wait until sept to rent it
thanks
pat
 
If you bought in September 2000 then if you defer renting it out until after September 2005 you will avoid any SD clawback. If you still want to know the rates that applied in 2000 then you might be able to find them [broken link removed] although it may take a bit of digging. Probably easier to just ask Revenue directly.
 
Clubman - thanks for that
I just got off the phone to them - 9% - 12,300 for a few weeks - i think ill be waiting till september

thanks again for bringing that to my attention
pat
 
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