Proof of Principal Residence

balgay

Thanks SiliconChip and Glennevis for your comments. Very helpful.

user1977

balgay said:

user1977 said:

Aren't you getting your government minister property-related scandals mixed up?

No, the chancellor relied on her estate agent as I was going to rely on my CA but she admitted it was her responsibility. I think it is my decision and I should not rely on CA's advice.

Ok, thought you were talking about Angela Rayner and her various residences. The landlord licensing point is black and white matter, the question of whether Reeves had taken advice on it is just a political one on whether it's a resignation matter, it's not a defence against her lack of a licence.

mybestattempt

balgay said:

mybestattempt said:

Absent a formal main residence election then which property was the main residence is a matter of fact.

Sorry, I don't understand. Can you clarify? 

The official HMRC guidance gives a detailed explanation:

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg64545

I hope this helps.

silvercar

balgay said:

mybestattempt said:

Absent a formal main residence election then which property was the main residence is a matter of fact.

Sorry, I don't understand. Can you clarify? 

If you have 2 homes available to be your main residence ie not rented out etc then you can choose which you want to declare to be your main residence. If you don’t make an election in time then it is based on fact. Eg if you bought a small flat in central London to stay in occasionally after nights out or trips from an airport but lived in your large family home in the Cotswolds most of the time, then at the time of buying your London pad you could choose to declare that to be your PPR. You would do this because you expect more capital growth from it or you only expect to hold onto it a short time or any other reason. However if you don’t make that declaration in time, the facts would point to the Cotswold family home being your main residence because you spend most of your time there and your life revolves around there,

balgay

Thanks all for your comments. I will take them on board before making a final decision.