CGT if you don't buy again within a year

M

Me&mi

Registered User
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Hi there,
Can someone tell me if you have to pay Capital gains tax(or other tax for that matter) if you sell your home(we've had it well over 5 years) and don't buy again within a certain time period?
Thanks in advance.
 
Me&mi said:
Hi there,
Can someone tell me if you have to pay Capital gains tax(or other tax for that matter) if you sell your home(we've had it well over 5 years) and don't buy again within a certain time period?
Thanks in advance.
Click to expand...
Buying or not buying again (in any time frame) has no impact on the CGT payable (or on any exemption from CGT).

As LDF states, if you've lived in it for the full duration of your ownership (or at least up until the last 12 months of ownership) you are exempt from CGT. There is no requirement to "buy again" attached to this exemption.
 
Yeah - seems like some people think that there's some CGT clawback rule if you sell a PPR but don't buy another one. I can only imagine that they are getting mixed up with the stamp duty clawback rule applicable if you rent out a former PPR within 2 (was 5) years of purchase?
 
That's great, thanks a mil. Yes it has been our PPR the whole time. A friend said this to me and it kinda freaked me out a bit coz we won't be in a position to buy for a long while.
 
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