Sold my house... tax issues if i decide to rent?

[lomax]

Hello,

I have sold (subject to contract) my house. I may decide to rent for a while
after completion so I can choose at leisure where to move to.

Is there any tax to be paid from the sale of the house? I know there isn't
if I immediately buy another one. But what if I wait a year? Or never buy
another house again in the UK (e.g. move abroad)?

TIA,

Lomax.

 

[\(Half a Cough\) Terry Maxwell FIA]

Hello,

I have sold (subject to contract) my house. I may decide to rent for
a while after completion so I can choose at leisure where to move to.

Is there any tax to be paid from the sale of the house? I know there
isn't if I immediately buy another one. But what if I wait a year? Or
never buy another house again in the UK (e.g. move abroad)?

TIA,

Lomax.

If primary residence, which it appears to be, no tax is payable.

 

[Richard Faulkner]

No tax on any gains on your main residence, whatever you do.

 

[Doug Ramage]

Hello,

I have sold (subject to contract) my house. I may decide to rent for a while
after completion so I can choose at leisure where to move to.

Is there any tax to be paid from the sale of the house? I know there isn't
if I immediately buy another one. But what if I wait a year? Or never buy
another house again in the UK (e.g. move abroad)?

TIA,

Lomax.

There is no such option to avoid tax by buying another house (are you
thinking of some sort of "roll-over relief"?).

If the property has always been your main residence (or always except for
the last 36 months), then no tax should be due, as any gain is exempt.