Tile limit on selling old PPR before tax applies

[bacchus]

We have bought our PPR 16years ago, and are in the process of buying a new house which will become our PPR, and then sale our current PPR.
Does anybody know what is the time limit to sale our current PPR after we have moved into the new property so that no stamps duty is payable?

 

[ClubMan]

Stamp duty on your old PPR only applies by way of the stamp duty clawback if you rent it out within five years of purchase as an owner occupier. However if you don't sell the property on within 12 months of vacating it and moving to your new PPR then some portion of the resale gain may be assessable for CGT. Perhaps that's what you're talking about? That's my understanding of the rules. Somebody else can correct me if I'm wrong. Ask your solicitor or a tax advisor to be sure.

 

[bacchus]

Thanks Clubman for having amended the title of my original post. It is still early in the morning and it's Monday , and i am posting on behalf of a friend, so did badly the old cut & paste job....

Their original thought is to buy new property, rent it for one year or so, and then moved into it. But my point is that is would be a really bad move b'cos of stamp duty which will have to be paid if they rent.. so "delaying" the move from one PPR to another may make more financial sense..

However if you don't sell the property on within 12 months of vacating it and moving to your new PPR then some portion of the resale gain may be assessable for CGT. Perhaps that's what you're talking about?

Indeed, this is exactly the case i am talking about..
Do they need to vacate current PPR as soon as new one is bought, or can their move to new property be delayed until current PPR is sold?
Note: there is no dependency/chain between selling current PPR anf buying new property.

 

[ClubMan]

Do they need to vacate current PPR as soon as new one is bought, or can their move to new property be delayed until current PPR is sold?

I'm not sure. Strictly if the new PPR is not immediately an owner occupier purchase and occupied as their home immediately then I suspect that investor stamp duty would be due. However I'm not sure if there is some leeway on this. Best to check with Revenue, solicitor or a tax advisor for the letter of the law on this.