Hi, i am looking to sell my house move into a smaller property, do it up & sell. But before selling this one, i want to purchase another property & do this one up before i move into it. Question is! Will i be liable for capital gains tax, or is there a period you can own 2 properties before i would be exempted from this.
You can only have one home, second homes will be liable for tax but you do get a tax free allowance which is around £10,000.
If you've got a wife separate you tax affairs and get her to own one of the properties.
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