If I move back into my BTL can I PPR for the last 30 years??

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    If I move back into my BTL can I PPR for the last 30 years??

    Hi I hope this forum can help for my CGT/PPR problem,

    I bought House A with my wife in 1987 for £82000 and lived there as my PPR until 2000.
    I bought House B (my current property) in 2000 for £230000.
    I let House A from 2000 to present as a BTL.
    I have a repayment mortgage on each of £50000
    House A is currently worth circa £600,000
    House B is currently worth circa £900,000

    Question:-

    If I sell my current PPR (House B) and move back into House A for say a year and treat it as my PPR (Including Nominating with HMRC, electoral roll, utilities in in my name etc) and then sell it does my PPR cover me for no tax on the House A??

    I am obviously looking to minimise my CGT liability over bot house whilst liquidating my portfolio
    regards
    Hugh

    #2
    If you have £600K in capital gains , you should be consulting a qualified tax accountant and not be misled by forum comment which may not be correct.

    You can only claim ONE property as your main residence at any time.

    If you claim House B is your main residence from 2000 -2018, you cannot claim House A as your residence during 2000-2018 period .

    Comment


      #3
      You can't have the house as your PPR when it is not your PPR. So no.

      You have lived there for about 45% of the time -- so that will cut the taxable gain by about a half, and there will be various exemptions.

      Comment

      Latest Activity

      Collapse

      • Reply to Full accounts requested - Treasurer avoiding me!
        by GeeMan16966
        Thanks, that helps a lot.
        06-06-2020, 15:14 PM
      • Full accounts requested - Treasurer avoiding me!
        by GeeMan16966
        Just joined PMC as Director and CS and on checking the documents handed to me for storage, there is a massive gap from 2010 to now! I have managed to find through other directors the meetings minutes for the past 9 years, however I am struggling to be given the full accounts. When I ask, I am told I...
        05-06-2020, 13:30 PM
      • Reply to Full accounts requested - Treasurer avoiding me!
        by Gordon999
        If you are listed as director and officer of the company, you can request any information going back 6 years....
        06-06-2020, 11:57 AM
      • Reply to Full accounts requested - Treasurer avoiding me!
        by GeeMan16966
        The directors changed in 2014 and then got
        Total exemption small company accounts
        Been filing Micro accounts since - as a shareholder and Company Secretary and director am I entitled to see the bank statements if they do not have full accounts?...
        06-06-2020, 10:27 AM
      • Reply to Full accounts requested - Treasurer avoiding me!
        by GeeMan16966
        Thank you.
        06-06-2020, 10:09 AM
      • Reply to Moving Back Into Let House
        by AndrewDod
        No you can't do that. If the tenant actually broke stuff and you sort it before the tenancy ends, then maybe. At the start of putting a property out to rent you can make tax related expense claims - you can't have a double bite, fixing it for yourself at the other end....
        05-06-2020, 21:55 PM
      • Moving Back Into Let House
        by Sentaiwarrior
        Hi.

        I was wondering if anyone can provide me with advice.

        I used to live in my own house. I moved for work a few years ago and let my house (with consent to let).

        I'm planning to move back into my house which is currently still let. I've given the tenant three...
        05-06-2020, 20:16 PM
      • Reply to Moving Back Into Let House
        by ash72
        The wear and tear allowance has been removed so you could expense the actual costs of the items as an expense, on a like for like basis, only if you are then renting it out, if it is returning back to a residential property then you couldn't.
        05-06-2020, 20:30 PM
      • Reply to Accountancy Fees
        by Gordon999
        I think its better for Ltd companies to have their annual accounts done by chartered accountant. Very difficult to get any bank loan without showing certified accounts.
        05-06-2020, 18:33 PM
      • Accountancy Fees
        by mmooney
        Hi Folks,

        Looking for some general advice. I own 5 BTL properties individually and have 3 BTL properties as a LTD Company. My tax returns are relatively straight forward and I was thinking to do my own tax returns this year. My account charged me GBP1500 for the return for my Ltd Company,...
        05-06-2020, 07:23 AM
      Working...
      X