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Where Taxpayers and Advisers Meet

Private Residence Relief on second home

Asvsix
Posts: 32
Joined: Wed Aug 06, 2008 4:00 pm

Private Residence Relief on second home

Postby Asvsix » Thu Sep 05, 2019 4:49 pm

Mr A wants to sell 2 properties that he has lived in and rented out over the years. He now wants to sells both properties. I want to double check, can Private Residence Relief be claimed on a second home.

maths
Posts: 7562
Joined: Wed Aug 06, 2008 3:25 pm

Re: Private Residence Relief on second home

Postby maths » Thu Sep 05, 2019 11:24 pm

It is not possible to have two residences over the same time period for CGT purposes.

Where there are two properties with each qualifying as a residence it I necessary to elect which of the two is to be the main residence; any such election must be made within 2 years of acquiring the second residence failing which HMRC will make the determination based on the facts.

Some element of CGT relief and lettings relief may be available on the sale of each property depending upon timings.


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