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Second Home Capital Gains, Exemption for building works?

2 replies

CountessVronsky · 19/05/2014 14:01

In the event that you're in the process of buying and selling a house at roughly the same time but you wind up overlapping with two houses because you're renovating the new one - do you get yourself into a second home CG tax issue? Or is there some kind of exemption (like a year, or an uninhabitable house, or similar?).

Thank you mumsnetters.

OP posts:
middleagedspread · 19/05/2014 21:22

I'm not sure, but I have a feeling that there's 18 months grace. I think the 2nd property must then become your main residence.
I'd like to know for sure.

CountessVronsky · 20/05/2014 07:01

The accountant has weighed in. When you sell the house, you must have lived there as your primary residence for the past two years to avoid CGT. So, all OK.

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