New House/Capital Gains?

[Ian McGuffin]

We want to move house and buy a new house. We are currently mortgage free and will not have to pay stamp duty on a new house. My query is a)would we have to pay capital gains tax on the sale of our current house and b) does the new no stamp duty law apply to both new and second hand properties if you are going to be owner/occupier? If we have to pay capital gains tax, what is the rate? Thanks.

 

[plant43]

Provided it's your PPR no CGT will be due. Only new properties where the floor area is under 125msq are exempt from SD, if you are a non-FTB and the house is second hand or it exceeds 125msq then SD wil be due.