Selling a flat. Been rented out for last 3 years. Liable for CGT?

King_Maker · Postby **King_Maker** » Fri Jan 05, 2007 1:52 am

"If possible why not nominate it as your PPR when the tenant moves out (assuming you still have more then one residence)? You will need to stay in the property ocassionally." - CDavey9501@aol.com

I think it will require more than occasional occupation for it to qualify as a residence.

micman · Postby **micman** » Fri Jan 05, 2007 2:17 am

Hi to everyone that has answered,

Some great ideas and suggestions for me to consider what action to take.

Also thanks for the links to the helpsheets.

I will be reading up in more detail.

Been very useful to get some ideas in my head as too what I should consider/do. It's such a confusing area until you start to get your head around it!

Thanks

M

CDavey9501@aol.com · Postby **CDavey9501@aol.com** » Fri Jan 05, 2007 2:25 am

King_Maker. Why would it need more than ocassional occupation? I thought a nominated property need not actaully be your main residence and ocassional occupation was satisfactory.

Peter D · Postby **Peter D** » Fri Jan 05, 2007 4:21 am

King_Maker is quite correct, nomination is normally used when you move into another property you own, however there have been successes in, for instance an ownwer buying a second property due to working at considerable distance and nominating the property as his PPR becuase he genuinely lived there 5 days a week this continued for the duration of his contract, 4 years from memory, and the second property was accepted as PPR CGT exempt and he returned to his former home. Note there is a two year rule her and he nominated after 22 months to his working home and again after he sold it. CGT free but he had good justification. Occasaional occupation is not Living in the property and if this was a HMRC merited option would there not be thousande of owners doing it to avaid CGT. Regards Peter

King_Maker · Postby **King_Maker** » Fri Jan 05, 2007 4:34 am

"Why would it need more than ocassional occupation? I thought a nominated property need not actaully be your main residence and ocassional occupation was satisfactory." - CDavey9501@aol.com

Because, iMHO, "occasional occupation" is unlikely to be sufficient to make that property a residence/home. Therefore, any purported Nomination would be ineffective.

However, if residence status has been established, then occasional occupation should be OK, and a Nomination can be made.