CGT on third property

[Lisa Reyes]

I wish to sell a third property which I have solely owned for 2 years. I have never lived in it. Am I liable for CGT, what rate would this be and how could I minimise it (I am not married)? Would the IR become suspicious if I moved in, declared it my PPR and sold the property six months (or whatever) later?
Thank you in advance for any reply.

[robertmlaws]

I think that if you moved in and made it your main residence then you would get PPR relief starting from the date you moved in.

Robert
not a lawyer

[John S]

It would be possible to move in to the property and elect that it should be treated as your PPR but bear in mind that the Inland Revenue's tests are primarily qualitative rather than quantitive. ie on saying that if you live there and meet all their qualitative tests for 12 months and then move out then sell you should be able to get PPR relief on the property. I'd advise getting advice from someone who knows this area inside out, like Arthur Weller or Carl Bayley, so that you do not fall foul of Revenue practice and can give yourself the very best chance of minimising CGT if there's a lot at stake.