The only property I've got at the moment is my own principal private residence (property A) which I've been looking to upgrade to something larger from.
I've the opportunity to purchase another house (property B) which is similar to mine and which, after doing it up, could be sold on - making me about 80k profit (after subtracting the purchase price and renovation costs). Property B isn't a suitable upgrade for me.
If I sell A before buying B and rent for the few months it takes to upgrade B and then move into B, I can avoid paying Capital Gains Tax completely. I am then free to sell B more or less immediately - there being no minimium period of occcupancy required in regard to it in order for me to enjoy 100% relief from CGT on the sale of what would now be my PPR.
My question is this:
Is it possible to overlap ownership in any degree whilst property B is being made habitable? In other words, can I continue to occupy A whilst B is being done up, then sell A and move into B without incurring CGT on either A or on a subsequent the sale of an occupied B?
Thanks in advance..
I've the opportunity to purchase another house (property B) which is similar to mine and which, after doing it up, could be sold on - making me about 80k profit (after subtracting the purchase price and renovation costs). Property B isn't a suitable upgrade for me.
If I sell A before buying B and rent for the few months it takes to upgrade B and then move into B, I can avoid paying Capital Gains Tax completely. I am then free to sell B more or less immediately - there being no minimium period of occcupancy required in regard to it in order for me to enjoy 100% relief from CGT on the sale of what would now be my PPR.
My question is this:
Is it possible to overlap ownership in any degree whilst property B is being made habitable? In other words, can I continue to occupy A whilst B is being done up, then sell A and move into B without incurring CGT on either A or on a subsequent the sale of an occupied B?
Thanks in advance..