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Where Taxpayers and Advisers Meet
Which property is our PPR
My husband & I bought a second home due to his working away. He lives there during the week. The children and I visit at weekends and school holidays. We are likely to sell this place in the next 2 years but retain our previous family home. We have currently owned it for less than 2 years. Can we legitimately register this for our PPR allowance?
I suggest you lodge a claim with the taxman to nominate the first property as your PPR and then reverse it by nominating the second as your PPR. Shortly afterwards you nominate back the first as your PPR. By doing that, you ensure that any gain on the sale of the second is exempt from CGT for the last 3 years of ownership.
Demetris Savva BA FCCA
http://www.tax-accounting-london.info
FREE Special Report on how to save tax when you subscribe to FREE tax and business advice newsletters.
Demetris Savva BA FCCA
http://www.tax-accounting-london.info
FREE Special Report on how to save tax when you subscribe to FREE tax and business advice newsletters.
