tax implications if sell within one year.

B

BK2

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I am selling my apartment. I signed the contracts 1 1/2 years ago but only moved in about 6 months ago when the property was finished. My auctioneer just told me that he believes that I will owe stamp duty/tax because I am selling within the year . Is this correct? I am currently buying another property.​
 
Don't depend on an auctioneer for taxation advice! The sale of one's PPR is exempt from CGT and Stamp Duty clawback if it was never rented out. If you have been living in the property since completion and occupation as your PPR (Principal Private Residence) then you are not liable for any tax on selling it on.

Post crossed with Art's.
 
As usual the auctioneer is incorrect.

Assuming it's been your PPR since you closed there are no tax implications. You owe neither Stamp or CGT.
 
I rented a room out though under the rent a room scheme maybe that is why there are implications?? or maybe he thought that it was rented fully because I mentioned tenants. Is there a claw back for the rent a room. I only rented it for about three months and then I decided to sell and tenants didn't want strangers in the house so they left and I stayed on.
 
There is no clawback if you complied with the conditions of the Rent a Room scheme.
 
Just following on, what would be the minimum time you need to live in the new apartment as your PPR before you were able to sell and not have to pay CGT and Stamp Duty?
 
There is no minimum time as long as you are genuinely living there as an owner occupier and you are not doing this (buying as an owner occupier and selling on immediately) habitually.
 
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