Capital Gains Tax - selling a house

[Larnach]

I'm currently looking at moving home and buying a new house.
And with the current property market I was thinking about not selling my current property, renting and then selling in a few years time.

I believe if I sell now I am not liable for any Capital Gains Tax (CGT).

But if I end up with two properties, rent out my existing house, I assume it becomes an investment property and I may be liable to CGT when I sell??

Any advice of when CGT applies appreciated?
Is it best to sell now ... or wait, rent and sell in a few years time?

(Financially I'm under no pressure to sell my current house now)

 

[ClubMan]

I'm currently looking at moving home and buying a new house.
And with the current property market I was thinking about not selling my current property, renting and then selling in a few years time.

I believe if I sell now I am not liable for any Capital Gains Tax (CGT).

If you sell the property within 12 months of vacating it as your PPR then there is no CGT due. Longer than that and some portion of any eventual resale value will be assessable for CGT. This issue is covered in many existing threads.

But if I end up with two properties, rent out my existing house, I assume it becomes an investment property and I may be liable to CGT when I sell??

As above.

Any advice of when CGT applies appreciated?

When you sell it if it's not otherwise exempt.

Is it best to sell now ... or wait, rent and sell in a few years time?

Who knows? Probably nobody based on the information provided and given that nobody can predict the future. The question should really be is being a landlord and property investor the most appropriate option for you in this specific situation.