ppr and second property

ppr and second property

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To be able to make the election that a second property should be your ppr, that property must actually be your residence. So presumably a holiday home which you "lived in" for 2 weeks and then let out to other tenants would not be eligible. Or would it?
Does it matter if the other residence is abroad?

anon

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By newmoon
17th Oct 2007 10:52

Was going to post a very similar question!
To answer the main part of your question, I don't believe you can elect for a holiday home that is let out, any more than you could for a property on a longer term let. However I had wondered what the situation was with a holiday home that was let out for 6 months, and available and used as residential for the remaining six months.
I'm not sure whether the election has to be within two years of the purchase of the property, or within two years of it becoming a residence (for example buy to let property that is subsequently used for personal use,
The main part of my question was going to be whether accountants routinely advise clients to elect within two years of purchase, when the client buys an overseas holiday property?

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By ACDWebb
17th Oct 2007 14:07

You can elect
an overseas property as PPR.

As for used for 2 weeks let the rest of the time you may be on difficult ground on a quality of use basis, but let for holiday lets in the summer and used personally as a weekend retreat in the winter ought to be OK.

The nomination is 2 years from the date of the need for a nomination being relevant, so a property initially bought as a BTL is not available as a residence and no nomination is required. If circumstances change so that it is actually used the the election clock starts.

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