changing main residence for tax

00ec25

tim123456789 wrote: »

"it's silly." "ridiculous" "what a nonsense"
You're misunderstanding the rules

hello how nice to meet you - pot kettle

tim123456789 wrote: »

If you're going to post long diatribes being rude to the PP then I suggest that you get your facts right first

However what you posted was wrong as well: you said:

"if you miss the 2 year deadline you cannot make a nomination ever again until you buy a third property".

But the actual rule is "Your nomination must be made within two years of the date you first have a particular combination of residences", which means that in both my examples you could nominate the second home as you PPR.

my facts are correct, I chose not to quote that particular phrase as it is more easily understood written in plain English by referring to buying a third property

as I said at the start OP has not clarified the date of purchase and therefore when the clock started and therefore assuming it is now after 2 years you cannot nominate until you have a "new combination of properties" - ie buy a third property

you should have quoted the next sentence " Each time there is a change in the individual’s combination of residences a new period begins and there is a new opportunity to make a nomination."

please explain how your examples remain valid ?

in this one "What if you sell house 1 and house 2 is now your only house? You're saying that it can't (now) be your PPR." there is only one house left so a nomination is irrelevant as the other has been sold

in this one "What if you move full time into house 2 and rent out house 1. House 1 can't be your PPR as it doesn't qualify as "available", and you're saying that house 2 can't be either" A new combination has not started therefore a new period has not begun therefore you cannot make a nomination if an initial one was not done within the 2 year time limit of buying house 2

tim123456789

00ec25 wrote: »

hello how nice to meet you - pot kettle


my facts are correct, I chose not to quote that particular phrase as it is more easily understood written in plain English by referring to buying a third property - as shown by your insistence that your examples remain valid !

as I said at the start OP has not clarified the date of purchase and therefore when the clock started and therefore assuming it is now after 2 years you cannot nominate until you have a "new combination of properties" - ie buy a third property
you should have quoted the next sentence " Each time there is a change in the individual’s combination of residences a new period begins and there is a new opportunity to make a nomination."

please explain how your examples cover nominating the property

They didn't. I had moved on from directly helping the OP to discussing a specific point with you.

They were examples that refuted your point that the only way to start the clock again was to buy a third property - this is incorrect.

tim

00ec25

tim123456789 wrote: »

They were examples that refuted your point that the only way to start the clock again was to buy a third property - this is incorrect.

tim

I notice that once again you fail to explain why I am "incorrect", yet I am easily able to demonstrate why I am absolutely right

1. the nomination is unique to the combination of properties held at the time the nomination was made in respect of that combination. Evidently you are still struggling so I will repeat myself

"A nomination will apply from the beginning of a period to which it relates, i.e. the date on which the individual had that particular combination of residences giving rise to the need to determine which is the main residence."
http://www.hmrc.gov.uk/manuals/cgmanual/CG64497.htm

2. the clock does not start again until a new combination of properties comes into being.
If you believe this is incorrect then ask HMRC, after all they wrote the manual...

"Each time there is a change in the individual’s combination of residences a new period begins and there is a new opportunity to make a nomination.
http://www.hmrc.gov.uk/manuals/cgmanual/CG64495.htm

3. once made and accepted by HMRC, then, and only then, can a nomination be varied in relation to the existing properties, but such variation cannot be backdated more than 2 years. This is how MP's did their "flipping", they made an initial nomination in the first place then varied it as required

"A notice given under TCGA92/222 (5) can be varied by a further notice at any time. The further notice can be backdated to be effective from up to two years from the date that it was given."
http://www.hmrc.gov.uk/manuals/cgmanual/CG64510.htm

tim123456789

00ec25 wrote: »

I notice that once again you fail to explain why I am "incorrect",

because you said that the only way to re-start the 2 year clock is to buy a third house

when the actual rule is that any change in the combination of qualifying properties will restart it.

So you were not "absolutely right"!

No amount of squirming about it being a little slip will get you off this hook after the rude way that you corrected my trivial mistake.

tim

silvercar

Little question if I may interrupt.

To be clear, I am not the OP but have a related question. I have two properties in the UK, both bought over 2 years ago. Does buying a 3rd property overseas (and outside Europe if that is important) re-start the clock?