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PPR/BTL tax question
theGrinch
Posts: 3,133 Forumite
in Cutting tax
a question someone asked me today and I thought I would find out.
if someone purchased a property using a BTL mortgage in 2004 but subsequently their circumstances change and they end up living at the property itself; paying all the bills and registered for council tax there. Can this then be deemed their PPR when they come to sell in 2008?
Would the fact that either they did or didnt rent the property whilst living there affect PPR status?
if someone purchased a property using a BTL mortgage in 2004 but subsequently their circumstances change and they end up living at the property itself; paying all the bills and registered for council tax there. Can this then be deemed their PPR when they come to sell in 2008?
Would the fact that either they did or didnt rent the property whilst living there affect PPR status?
"enough is a feast"...old Buddist proverb
0
Comments
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The mortgage issue has nothing to do with CGT, which I think is what your question is about.
Your PPR is a matter of fact - either you live in the property or you don't. If the person moved into a previously let property it would be their PPR from the time they moved in and that period of ownership would be exempt from CGT.£705,000 raised by client groups in the past 18 mths :beer:0 -
thanks. I suspected that much."enough is a feast"...old Buddist proverb0
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To add to what fengirl stated, if you you moved in and made it your PPR at any time, you are exempt from CGT for the time it was your home and the last 3 years of ownership. You will also be entitled to letting relief max value = 40k)I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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