When does CGT apply on a house sale

M

mover

Guest
I am building a house at the moment and will soon be selling my current property. Is there any overlap between when I take possession of the new property and sell the old propoerty, in terms of CGT liability, e.g. if I take possesson of the new property in September, but don't sell the old property until October do I have a CGT issue?
 
I think alien is right ..

For CGT purposes you can only have on Principal Private Residence.

When you are selling one and buying another, the last 12 months of ownership is regarded 'as deemed occupancy'. The only slight sting in that tale is that you must 'occupy' at some stage in the last 12 months.

So you seem to be in the clear if 12 months have not passed when you sell it.

You also are 'deemed to occupy' the 2nd property for the first 12 months, provided there is some occupancy.
 
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