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do I qualify for PPR election?
london-dog
Posts: 40 Forumite
-issue solved-
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Comments
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london-dog wrote: »Hi all
I currently rent my home but also have a buy to let 2 bed-flat.
The buy to let was not originally a buy to let: I bought it cash and wanted to stay there permanently (is closer to work), but I couldn't find a lodger to take the second bedroom as it's v.small: so I eventually let it out and got a buy to let mortgage on it.
It's now nearly 2 years since I bought this flat so I need to make an election of this flat as my PPR. However since it is currently let at the time of me writing the letter to HMRC, how do I still elect it?
Best
LD
I don't believe that you can. If you own more than one property, you can indeed choose which one is your PPR for the purposes of CGT. Buy you do actually have to be residing in a property to claim PPR relief on it.0 -
london-dog wrote: »Hi all
I currently rent my home but also have a buy to let 2 bed-flat.
The buy to let was not originally a buy to let: I bought it cash and wanted to stay there permanently (is closer to work), but I couldn't find a lodger to take the second bedroom as it's v.small: so I eventually let it out and got a buy to let mortgage on it.
It's now nearly 2 years since I bought this flat so I need to make an election of this flat as my PPR. However since it is currently let at the time of me writing the letter to HMRC, how do I still elect it?
Best
LD
election of a PPR is only relevant where you OWN and LIVE in two properties at the same time
i.e. you live in London during the week and in the country at weekends
clearly you don't fit this scenerio0
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