Kent Solicitors

With over a third of a million second homes in the UK, the principal private residence (PPR) election for CGT purposes is more important than ever. This is something the homeowner must consider and make sure they understand the rules. When does the second home qualify as a main home for the purposes of CGT, when you notify HMRC. You only have two years from purchase to do this, otherwise HMRC will decide which is your main home on the facts, otherwise it is up to you to act and effectively choose, legitimately, not to pay the CGT.

Labels: Property Conveyancing Capital Gains Tax Second Home