CGT & PPR

[Griffo1969]

I am a member of clergy. I bought a house in 20014 which is jointly held by me and my wife. In 2010 I went to residential theological college and began a curacy (ie job) in June 2015. The property has been let from 2010 to the present date. I have been aware of the possibility of PPR for over two years (although I did not know about the 2 year time limit). Is it now too late to register for PPR? If so, do you know if there is any other way of avoiding CGT for existing capital gains OR avoiding CGT for future gains?

[bd6759]

You don'r register for PPR. When you dispose of a property that is,or was, your PPR you can claim relief from that part of the gain.

[Griffo1969]

Thanks. Sorry - I didn’t make clear that I am living I’m tied accommodation. So I need to elect the property I own as my main residence. However, I think I’ve missed the boat on that for the reasons given above.

[bd6759]

You only need to elect if you have an interest in more than one proeprty and each or all of these properties are a residence. If you only own one property, it is not possible to make an election and such an election would be unnecessary (it is difficult to elect from a choice of one).

The only question that needs addressed is whether the property you own is a residence. What are your plans for the house that you own?