A client has been living in a house for more then 20 years and has bought another house where he wishes to move over the next few months. The first house where he is living at the moment will be sold once he moves to the new house. Is there any capital gains tax on the sale of the first house. How long can he keep the first house before attracting any capital gains tax.
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Probably no CGT on property 1 by the sound of it, and
18 months deemed occupation as PPR on property 1.
The answer to the question posed
Is actually 18 months after he ceases to use property 1 as a residence. ESC D49 deals with the position in relation to property 2.
well
quite :) Is actually 18 months after he ceases to use property 1 as a residence. ESC D49 deals with the position in relation to property 2.