Main Residence Question ?

[GANDONAS22]

We are an unmarried couple, jointly owning a guest house with apportioned residential use from VOA, one of us owns another property which was a home for 13 years and is currently rented out.

As we are selling the guest house we have realised that no election of either property was made as a main residence, thus we are trying to understand which property would be exempt from Capital Gains Tax in the absence of an election, bearing in mind we believe that an unmarried couple can have a main residence each.

However with no election, how would this be viewed ?

Any thoughts

Many Thanks

[bd6759]

A property that is let out cannot be a residence, so there is no need for an election.

[GANDONAS22]

Thank you for looking at the question posted , I thought that a rented property which was once the main residence would qualify for PRR for the amount of time it was lived in by the owner, in this instance purchased Dec 1995 , rented Apr 2008 till present thus 13yrs 3 months of qualifying PPR, albeit no election was made !

Any further pointers would be really helpful

G

[GANDONAS22]

Thank you for looking at the question posted , I thought that a rented property which was once the main residence would qualify for PRR for the amount of time it was lived in by the owner, in this instance purchased Dec 1995 , rented Apr 2008 till present thus 13yrs 3 months of qualifying PPR, albeit no election was made !

Any further pointers would be really helpful

G

[bd6759]

If you only have one residence there is no need for an election. It qualifies for relief for the period that it was your residence.

It stops being a residence when you move out. You don’t need to nominate your new residence because the new residence is the only residence. You only need to nominate when you have 2 residences at the same time.

[GANDONAS22]

Thanks again
G