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I am migrating to a new links directory, my old one still has PR 4 (distributed from my PR5 home page).
I have created the new directory in a new folder and obviously this has no PR att. I have placed a link from my homepage to the new links directory and have added the new directory home page to where my old links page was.
Just to recap - my home page has two links one to my new page and one to my old page. They are indentical (i do not want to loose PR from the old one incase the new one does not get updated).
Will I get penalised for duplicate content? Should I only have a link to the new homepage? In which case I just wait for the new update or should I keep both links on the home page?
Thanks in advance for any advice!
Should I only have a link to the new homepage?
Yes. You should also set up a 301 permanent redirect from old to new.
Google is pretty good at filtering duplicate content. I'm not too sure there are any penalties just for that. The content with the highest PR will be the one that takes precedence over the other.
The 301 permanent redirect will effectively transfer PageRank from the old site to the new site. It may take an update or two (30-45 days), maybe longer, it all depends.