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

      • Files over 6 Years Old...
        VictoriaH
        I've been doing a tidy up of my old files.
        I have invoice folders for my estate agency from 2010/2011/2012.
        Should i be disposing of everything older than 6 years?
        Should i keep soft copies?
        Regarding ASTs and rent statements, should i be getting rid of everything over 6 years,...
        21-10-2018, 06:21 AM
      • Reply to Files over 6 Years Old...
        alice123
        I have everything dating back over 10-20 years - for tax purposes but also for DPS schemes as they can still sue you after six years and a folder for each property - keeping it safe in house all hard copies and latest things are on the computer you never know - just make sure that when you do dipose...
        22-10-2018, 18:43 PM
      • Reply to Files over 6 Years Old...
        Gordon999
        The Tax office say minimum period for keeping records is 6 years

        https://www.taxation.co.uk/files/recordkeeping.pdf
        22-10-2018, 13:59 PM
      • Reply to Files over 6 Years Old...
        jpkeates
        The requirement is to keep the data secure and up to date and to delete it when the purpose for which it was collected has passed.

        HMRC can't work beyond 6 years unless the crime is one of a very specific list (and that would be hard for a landlord to qualify for).
        22-10-2018, 11:01 AM
      • Reply to Files over 6 Years Old...
        MdeB
        What bit of GDPR requires this?

        As far as I can see, the requirement is to keep the data secure....
        22-10-2018, 10:37 AM
      • Reply to Files over 6 Years Old...
        JK0
        I guess a cynic might wonder if the government were trying to raise cash in an underhand way...

        They accuse you of fiddling your taxes, but don't allow you to keep the papers proving you didn't.
        22-10-2018, 09:41 AM
      • Stamp duty surcharge / disposing of main residence
        SALL
        Just wondering if I would be liable to pay the stamp duty surcharge for the purchase of our home?

        Me and my family currently live in a property with my mum (I own 50% of the property).
        I also own 50% of another property, that is on rent (not sure if this matters).

        I...
        21-10-2018, 18:24 PM
      • Reply to Stamp duty surcharge / disposing of main residence
        Gordon999
        The rules for charging sdlt are :

        ( 1 ) if you have more than 1 property in your name when registering a new property, then you will have to pay the extra 3%.

        ( 2) if you are moving into a new home , you still pay the extra 3 % sdlt but within 3 years, if you have sold the...
        22-10-2018, 08:46 AM
      • Reply to Files over 6 Years Old...
        ash72
        In order to stay compliant with GDPR, you should destroy any hard copy documents which have been scanned and saved somewhere after 1 year, the documents which are saved should be encrypted or file passwords used. This is to prevent sensitive data being breached and then used by criminals, an external...
        22-10-2018, 08:18 AM
      • Reply to Files over 6 Years Old...
        JK0
        I would keep all the things you mentioned in your first post....
        21-10-2018, 20:54 PM
      Working...
      X