Sale of house and CGT

P

Pookie

Guest
We have lived in our house for the last 7 and 1/2 years. We are at the moment building a new house, and hopefully it will be ready to move into in a month.
As yet our house has not sold, and we had not intended to rent this out until sold, instead preferring to leave empty on the offchance of a quick sale.
Was just wondering what are the implications of selling first home, as regards cgt - as we will have 2 houses and both cant be principal private residence.

Any advice gratefully received
 
You have 12 months after you move out of your house to sell before CGT kicks in so if you have lived in the house sice you bought it you will not have a CGT liabilty once you sell in the next 12 months.
 
...i think you can even rent during these 12 months and still not incurre any CGT.
 
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