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Where Taxpayers and Advisers Meet
Is it possible to have Private residence relief on two properties in same tax year?
I have put both houses on the market and in the past I have lived in one house for 1 year and 3 months and the second house afterwards for 1 year and 5 months (and nominted or informed the tax people of this and receiving tax forms etc.) Can I only sell one house within the tax year to claim private residence relief (PRR) or does PRR apply to both properties? (I only recently left one property as was selling it.) That is, the time I was there and the last 3 years on both properties are exempt. Of course the inland revenue maybe suspicious of this (but I can prove this from electoral voting and the fact that I nominted the Principal residence too). I know one property within tax year is fine but two within same tax year is interesting and inland revenue may raise an eyebrow. But I don't buy or sell very often. Last house was sold 2 years ago and last house bought was 2 years ago, so I would not be seen as a trader doing a house up. The other house in question was bought 4 years ago. I am aware of the last 3 years rule and the time I was with the property being PRR as long I was actually living there or nominated if having more than one home.
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deanshepherd
- Posts:1019
- Joined:Wed Aug 06, 2008 3:23 pm
How many houses you sell in a particular tax year has no relevance to a claim for PPR relief.
Your residence in each property is a question of independant fact so you can sell as many houses as you like within a tax year. As long as you were resident in each of them at some point during ownership then you can claim the appropriate amount of PPR relief on each one.
Dean
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
Your residence in each property is a question of independant fact so you can sell as many houses as you like within a tax year. As long as you were resident in each of them at some point during ownership then you can claim the appropriate amount of PPR relief on each one.
Dean
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
Thanks yes also had this confirmed from another source. Can I also claim private letting relief if the house was principal residence after I let it out (and not before)? The government help pages states that you can also claim lettings relief but does not state if after you moved out of principal residence or before (and by deduction I assume it does not matter)
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deanshepherd
- Posts:1019
- Joined:Wed Aug 06, 2008 3:23 pm
