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Where Taxpayers and Advisers Meet
Main Residence nomination
-
estateexec
- Posts:22
- Joined:Thu Apr 21, 2016 10:05 am
In the case of a main home and second home which have both been owned for over 2 years, if we wish to make the second home our "main residence", is there any way other than purchasing a 3rd property and then making the "main residence" nomination for the new property combination within 2 years, that we can change the PRR status on our second home? What if the second home was let out as furnished holiday accommodation for a while? Any advice much appreciated.
Re: Main Residence nomination
https://www.taxationweb.co.uk/forum/viewtopic.php?f=3&t=53740&p=197519&hilit=changing+PPR#p197519
With a pinch of salt take what I say, but don't exceed your RDA
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estateexec
- Posts:22
- Joined:Thu Apr 21, 2016 10:05 am
Re: Main Residence nomination
Dear pawncob. Thank you for your reply post. So basically what constitutes a change in combination of residences in relation to renting a property, or occupying an empty property is not defined and therefore comes down to interpretation of HMRCs notices. Is this correct or am I missing something? my apologies if so.
Re: Main Residence nomination
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg64495
A change of circumstances can trigger a new nomination deadline.
A change of circumstances can trigger a new nomination deadline.
With a pinch of salt take what I say, but don't exceed your RDA
-
estateexec
- Posts:22
- Joined:Thu Apr 21, 2016 10:05 am
Re: Main Residence nomination
Thankyou pawncob. Much appreciated.
Re: Main Residence nomination
If you let out any of your properties (whilst you are not living in it), then it is not your PPR and you cannot nominate it as such.
The PPR nomination is designed for individuals who have two properties, both of which they use themselves such as a flat in London where they stay during the week, and house in the country where they spend weekends.
The PPR nomination is designed for individuals who have two properties, both of which they use themselves such as a flat in London where they stay during the week, and house in the country where they spend weekends.
