Currently, no Capital Gains Tax is payable if you are selling your main residence. Provided you sell within 18 months, you may buy your new home before selling your old one without paying CGT.
This ‘window’ is set to reduce to 9 months from April 2020. Nevertheless, as the new limit applies to property sales on or after April 6th this year, a homeowner who lets out their old home or leaves it empty could be caught out.
It appears that the average time to sell a property is between 4 and 5 months but there are many exceptions – say in the event of separation/divorce or other complexities.
To seek clarification, contact our property partner, Dan Hewitt