Capital Gains Tax

[Charliebonce]

Can I use the profit from the sale of a second home to pay off the mortgage on my primary residence without paying any Capital Gains Tax?

[Peter Pedant]

no
straight answer NO

you cannot ROLL OVER transactions like this. I have no idea why people think you can

if you try it - you get a bliddy gt bill from the tax man and have to mortgage the second new property to pay it

yes this has happened - not to me - I watched as this slow car crash occurred in real time

[Peter Pedant]

sell second home
CGT now payable at 30 d - date from completion
you MUST file electronically and pay !

try gov.uk, CGT and off you go !

transfer 50% equity to your deah wife and then file two returns at a lower tax charge

[Hymie]

Move into your second home such that it qualifies as your main residence, then sell it with no CGT to pay, and go and live where you are now, paying off the mortgage with the house sale proceeds.

[Peter Pedant]

that is the way to do it
not many do.... because the second home is usually inferior
and I can tell you it is a real pain
eveything has to be moved
and you have to do it - bodily move

and it is one think the taxman wont accept " a deem"
I deem myself to be living there ( but I am not)

[Peter Pedant]

yeah - if you have five equal,
sell your first
and move into the second, sell that - erm two years later I think
and move into the third, sell that

no one does as no one has five equal

more usefully
start here
https://www.gov.uk/capital-gains-tax

[Hymie]

Of course my suggestion is only worth doing if the tax savings make it worthwhile.

Do your research to ensure that the tax authorities cannot successfully challenge your claim that the house is your main residence.