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Where Taxpayers and Advisers Meet

Search found 10 matches

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by LynneB
Fri Nov 20, 2020 4:33 pm
Forum: Capital Gains Tax, CGT
Topic: 2nd Home CGT
Replies: 4
Views: 266

Re: 2nd Home CGT

Thank you very much for your helpful answer. I am likely to make the biggest gain on the original property; around £60k. But it has been my only home for 5 years so if I nominate the second property, even for up to 3 years before the first is sold, I am thinking there will be minimal tax to pay afte...
by LynneB
Fri Nov 20, 2020 10:32 am
Forum: Property Taxation
Topic: 2nd Home CGT
Replies: 4
Views: 267

Re: 2nd Home CGT

SDLT Geek, your helpful answer has raised a further question. My intention is totally to have the second home as my main and permanent home, only that it may take a year or two to make the transition. When I do move into the 2nd home full time will I still be ineligible to reclaim the 3%?
by LynneB
Fri Nov 20, 2020 9:49 am
Forum: Property Taxation
Topic: 2nd Home CGT
Replies: 4
Views: 267

Re: 2nd Home CGT

Thank you so much. I did not realise this and it may make ll the difference in my planning
by LynneB
Thu Nov 19, 2020 9:03 pm
Forum: Capital Gains Tax, CGT
Topic: 2nd Home CGT
Replies: 4
Views: 266

2nd Home CGT

I understand that on buying a second home there is 9 months allowed to sell the original after which CGT has to be paid on any gain on the first home. But what if the second purchase is a second home for occasional use? For personal reasons I intend to live between the two for year or two and sell t...
by LynneB
Thu Nov 19, 2020 11:19 am
Forum: Property Taxation
Topic: 2nd Home CGT
Replies: 4
Views: 267

2nd Home CGT

I understand that on buying a second home there is 9 months allowed to sell the original after which CGT has to be made on any gain on the first home. But what if the second purchase is a second home for occasional use? For personal reasons I intend to live between the two for year or two and sell t...
by LynneB
Mon Aug 01, 2016 5:38 pm
Forum: Capital Gains Tax, CGT
Topic: CGT, PPR and whether to report?
Replies: 9
Views: 1189

Re: CGT, PPR and whether to report?

Thank you pawncob. That makes sense. I certainly don't want to commit any crime.
Your advice has been great -thank you very much for your help
by LynneB
Fri Jul 29, 2016 6:20 pm
Forum: Capital Gains Tax, CGT
Topic: CGT, PPR and whether to report?
Replies: 9
Views: 1189

Re: CGT, PPR and whether to report?

Thank you both. I'm very grateful for you taking the trouble to help. From the advice kindly given, and the links to information that I've now read, it seems a grey and complicated area. My biggest worry is getting into trouble. I am quite happy to let HMRC decide whether or not CGT is due, but am a...
by LynneB
Fri Jul 29, 2016 2:13 pm
Forum: Capital Gains Tax, CGT
Topic: CGT, PPR and whether to report?
Replies: 9
Views: 1189

Re: CGT, PPR and whether to report?

Thanks so much pawncob for directing me to such useful information. Still not sure whether or not to report on my next tax return? It's not so much paying CGT, as I'm happy to do that if I owe it, more hearing that whether I owe or not,informing them will have the effect of flagging me up for invest...
by LynneB
Thu Jul 28, 2016 9:32 am
Forum: Capital Gains Tax, CGT
Topic: CGT, PPR and whether to report?
Replies: 9
Views: 1189

Re: CGT, PPR and whether to report?

Thank you very much for replying. No, I've never elected any property as a PPR before. Both properties were bought within the past year. Can I simply choose Property2 as my PPR for this tax year and then Property1 for next year? Is that how it works? Having recently sold Property2 after only 9 month...
by LynneB
Tue Jul 26, 2016 4:01 pm
Forum: Capital Gains Tax, CGT
Topic: CGT, PPR and whether to report?
Replies: 9
Views: 1189

CGT, PPR and whether to report?

Hello. I bought a house last year but didn't like it and a few months later found one I preferred, which I went ahead and bought without selling the first. Property2 needed renovation so I lived between the two, intending to move fully into property2 once renovated and then sell property1. However, ...

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