Two or more residences: Variation of Notice

Two or more residences: Variation of Notice

Didn't find your answer?

H&W have 3 properties that they own and i want to make sure any future CGT is mitigated by PPR election.

Property A-Owned may years by W. Got married and H moved in. Classed as main residence.Moved out Dec 2005.

Property B-They purchased holiday home in 5th March 2004. let out since Nov 2005.

Property C-Recently acquired in Dec 2005 (as their main residence).

Q Can you make an election now to treat Property B as their main residence? and later vary it back to property C.

Many Thanks for any help given
david

Replies (1)

Please login or register to join the discussion.

avatar
By AnonymousUser
16th Mar 2006 17:24

Fools rush in ...
... with answers they are not completely sure about. However, I don't know that you can elect for property B to be the PPR at the moment. If for any period you need to determine which of two or more residences is the PPR the election comes into play. If you had made an election in relation to A and B it would have lapsed anyway when property C was bought. But when that happened in December 2005 property B was no longer a residence, so an election for the period from December 2005 can only be for either A or C. In relation to the period from 5 March 2004 you could have made an election for A to be the PPR and then varied it so that B was the PPR for a week and then back to A, but, I hate to say it, the time limit for this passed on 5 March 2006. However, all may not be lost. If B ceases to be let so that it becomes a residence again there will be another opportunity to switch the election to B for a week and then back to C - in relation to which you now have until December 2007 to elect. We had a debate some months ago as to what is a residence and to elect for B it would have to be sustainable that it was a residence, which is a question of fact. But that's another issue really.

Thanks (0)