selling house to build

T

toby111

Guest
I am selling my sole property and there will be about 40K of equity that I will get. I was wondering will I pay capital gains tax on that and if not why not? Do I have to buy another house in order to avoid paying CGT?

I intend to build a house with my fiance but we probably won't build until next year. Also the house that we build will be in my fiance's name (until we get married) because his father is gifting him a site.
 
If you've lived in the house as your residence for the period of ownership (possibly excluding the last 12 months of ownership), there is no CGT.
 
You must log in or register to reply here.
Back
Top