CGT/Lettings Relief yet again.....

[Eve1]

Hi all,

First time posting here!

Just a quickie - my home was empty for a year after i bought it and then has been rented out for the past 8 years. Ive never lived there and have rented elsewhere but this was the only property i owned. Does this qualify for PPR if i sold it or would i need to live there for a period of time. If i moved there this year, does this mean the current and prior 2 years are exempt even if it was let at this time.

And could i benefit from 'lettings exemption' or this is an either/or situation?

Id like to keep the home but am wondering what might happen if i bought a second property - which is then the PPR? Should i then revalue my current property before i bought a 2nd and start any valuation from that point rather than the point 8 years ago.....this was a recommendation from my current landlord who seems very shrewd with property.....

[TaxationPete]

The property does not qualify as your PPR as your clearly did not live there. Why was it left empty for a year. ?? there are some exceptions to the rules like are you a Crown Sevant and was posted abroad. ? Letting relief does not apply without PPR status. If you genuienly moved in for 9 to 12 months, probably safer at 12 months, then PPR status would give you 36 months of CGT exemption and may be some apportioned Letting Relief i.e. the ration of the time you rented it compared to the time your lived in it. Asllo remember the rules change in April and loss of Taper Relief and an a flat rate of 18% may assist you but you need to give me MM/YYYY dates and purchase and est sale value and rental dates and your gross salary this FY including your rental propfit. Regards Peter

[Eve1]

Hello

Thanks for this - my place was actually left empty because i had to go look after a sick relative. I stupidly just left it empty but after a year i thought id let it and at least cover the mortgage. Im happy to go and live there when my tenants move out but just want to know the best way to do this ie how can i avoid as much CGT as possible?

Eve

[TaxationPete]

Give me all the information I requested and I will detail the most tax efficient route. Regards Peter