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AIUI (and I'm not an expert) you have 18 months grace as long as the old property is empty. I think it gets more complicated if you rent it out during that time.
After that 18 months you only pay a proportion of the CGT liable based on what proportion of the time the property was not the primary residence.
So if it's been a primary residence for 20 years and then secondary for 1 year (past the 18 month grace period) then you'd only pay 1/21st of the CGT liable upon sale. (The calculation is done in months not years...)
Greenbank
@andos
Wondered if someone could help me here please.
My mother is in the process of buying a new house and selling her existing house. Multiple buyers have pulled out of buying her current house at quite late stages. So, she is too far down the line and too attached to the new place to let it go - and I'm not going to try and persuade her otherwise.
She's using a pension pot my Dad left behind so she's not mortgaging the new place and has no mortgage on the other place. My question is around Captial Gains and the worry that if she keep her current (soon to be old house) for too long and then sells will she be hit by Captial Gainz?
She has also mentioned renting her current (soon to be old house) out if it stays empty for a while - which I am sure would be she hit by the Gainz.
I've tried making sense of a few things online (gov.uk etc) but it sort of baffles me and trying to relay it to her is even more complicated. Anyone who has a good links with clear info on this sort of thing or any advice on who I should talk to to get some concrete info that would be great. Thanks in advance.