Selling BTL property- should I nominate it as my PPR?

[Polly]

Hello

I have been renting out a property and would like to sell it soon and i wanted to avoid CGT

I have had a prev post on this webiste and the advice given was to write to the Tax Office and nominate the property as my main residence for CGT.


Today an Accountant told me not to do this, and just wait . Once i sell it and if the Tax office come back to me then tell them it was my main residence with proof of bills etc...


Am not sure whose advice to losten to PLEASE HELP ME

[Tax Accountant]

Hello

I have been renting out a property and would like to sell it soon and i wanted to avoid CGT

I have had a prev post on this webiste and the advice given was to write to the Tax Office and nominate the property as my main residence for CGT.


Today an Accountant told me not to do this, and just wait . Once i sell it and if the Tax office come back to me then tell them it was my main residence with proof of bills etc...


Am not sure whose advice to losten to PLEASE HELP ME

I don't know when you posted the original query, what the query was, who answered it and what the exact advise was.

When did you buy the property and how has it been used from that date until now?
What periods was it used as your residence? ie from when to when?
What periods was it used for letting? ie from when to when?

Do you have any other properties which you have used as your residence? If so which periods?

Ramnik

[Polly]

This was my original query

'Do i have to move into my rental property before i sell it to avoid CGT '

it is a few threads down on page one

[welshgold]

Hello

Once i sell it and if the Tax office come back to me then tell them it was my main residence with proof of bills etc...
Am not sure whose advice to losten to PLEASE HELP ME

if you do this how are you going to have bills for it, if its not your residence and you have been renting it, unless of course you have been paying all bills on house and they have been sent to that address in your name

[Tax Accountant]

Hello

I have been renting out a property and would like to sell it soon and i wanted to avoid CGT

I have had a prev post on this webiste and the advice given was to write to the Tax Office and nominate the property as my main residence for CGT.


Today an Accountant told me not to do this, and just wait . Once i sell it and if the Tax office come back to me then tell them it was my main residence with proof of bills etc...

Am not sure whose advice to listen to PLEASE HELP ME

You are being very economical with the truth regarding what you said in your previous post and the advice given.

Read it again very carefully before making incorrect statements. If you don't want to read the advice given to you, stop wasting other people's time.

Ramnik

[Polly]

Hi
What i meant was i was renting out the property to a tenant ( who has now been evicted) not renting it myself

Sorry for the misunderstanding

[welshgold]

Hi
What i meant was i was renting out the property to a tenant ( who has now been evicted) not renting it myself

Sorry for the misunderstanding

i think most, if not all of us understand this, but as advice on here is free, and you normally pay accountant for advice, maybe you should take the accountants advice, as you must have given them more info, than posters on here would know.

[Tax Accountant]

Hi
What i meant was i was renting out the property to a tenant ( who has now been evicted) not renting it myself

Sorry for the misunderstanding

Polly,

You clearly understood that you needed to use the house as your residence and on that basis you were advised that it was possible to nominate it as your main residence.

Now you are saying that you want to sell it soon and avoid CGT. I assume that you want to sell without using it as your residence.

Take it from me that if you do not use the house as your residence, you cannot qualify for private residence relief and you will most probably become liable to pay CGT, depending on the amount of the gain.

Did you pay the accountant who gave you the advise to sell the house without using it as your residence?

Ramnik