What Qualifies As PPR?

Caro · Postby **Caro** » Wed Jun 07, 2006 4:59 am

What are the qualification rules for PPR? Property is only home owned but only used as a summer house (owner is resident for 2 - 3 months in summer) property was retained with a view to retiring there at a later date but due to ailing health that may not now happen. Owner rents another property from a family trust for the remainder time. Also the basement of the property is a self contained seaside flat which is rented out. Would there be any lettings relief against CGT?

deanshepherd · Postby **deanshepherd** » Thu Jun 08, 2006 8:14 am

Seems to me that a residence election is in order here. If more than one property is resided in at the same time then you can elect which one you wish to have treated as the main residence for tax purposes.

I would suggest that the basement flat would be treated seperately to the home.

Dean
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk

Caro · Postby **Caro** » Thu Jun 08, 2006 10:52 pm

Thank you Dean.