Hi all.
I just want to know whether this period of occupation still qualifies for PPR and also what the impact would be if it was let in this period.
The property was owned from 1981 and may be sold depending on the tax implications.
I am an accountant advising a potential client.
Many thanks
Steve
Replies (4)
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Yes
If the individual is living in genuine job-related accommodation, they're deemed to still be occupying the former main residence as a residence, and there's no need to return to it afterwards, by virtue of TCGA 1992, s. 222(8).
Care needs to be taken though that the job-related accommodation doesn't itself constitute a residence. If it does, then an election is necessary under s. 222(5). More likely than not though it will be occupied under a service tenancy, meaning that HMRC will not regard it as a residence.
See CG64555.
Are you certain that it is "job related accommodation"
and not just employer owned accommodation? For example military personnel living in "quarters" do not qualify as living in job related accommodation.