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anyone know if there are any tax implications
Deals_2
Posts: 2,410 Forumite
and what they might be if you split one property into two properties. thanks
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There would be a CGT issue if you were to sell part of the building if it was permanently split in two. If you sold the whole building in future make sure that there can be access between the two parts and if you live in at least on of them there will be no issue of CGT.
If you have lived in part of the building then a PPr election can be made however i would suggest (just as you speak to an expert for a mortgage and soliciter for selling the property) you speak to an accountant now for advise to set the best option up and to constantly review it if circumstances change. Advise now could possibly save you thousands in the future.0 -
thanks for your help. what is ppr election? thanksThere would be a CGT issue if you were to sell part of the building if it was permanently split in two. If you sold the whole building in future make sure that there can be access between the two parts and if you live in at least on of them there will be no issue of CGT.
If you have lived in part of the building then a PPr election can be made however i would suggest (just as you speak to an expert for a mortgage and soliciter for selling the property) you speak to an accountant now for advise to set the best option up and to constantly review it if circumstances change. Advise now could possibly save you thousands in the future.0 -
Sorry using tax terminology force of work nature!!
PPR = Private Principle Releif and is avaliable for your main property
However if you have more than one property you can nominate which one is your main property within two year of any combination (as long as you have resided at the property at some time)
The releif can offer up to 100% releif fro capital gains dependant on the circumstances.0
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