PPR exemption

[chorne39]

My partner and I jointly bought a house in 2000. Last year we split up, and my partner stayed at the house with our son and I bought myself a flat which I have lived in for the last 6 months. Now we have got back together again and are getting married next week.

As both properties have been my principle private residence will they both benefit from the Capital Gains Tax last 3 years exemption rule when I sell them?

thanks

[Peter D]

6 months is a little close for comfort on the PPR qualification. But as you owned two properties when you moved out then you could Nominate the flat as your PPR dated from the day you bought ( you have a 2 year window to do that. ) then after you get married Nonimate the house. It just a letter to the inspector of taxes with dates and addresses, this should secure your PPR status but keep all records that prove that the flat was really you home, utility bills, council tax, phone bills, etc etc just incase they ask for proof. Have you considered keepin ght flat and converting it to a rental property as it was your PPR 36 months is exempt from CGT then Letting Relief is available to offset against CGT up to £40,000 per owner and the interest on a the mortgage is deductable against the rental income. Regards Peter

[Cynic]

Are you married Peter?

[Peter D]

Answer depends on why you are asking. Regards Peter

[Cynic]

Don't worry, I am not hitting on you.

It was just that I thought the wife might not appreciate the reason for keeping the flat.