Posts tagged ‘Mp’

HMRC has had much success in collecting large amounts of tax from property related tax investigations recently, giving them more impetus to continue to challenge investors.

In particular, the widely used claim for PPR (Principal Private Residence) relief which significantly reduces exposure to Capital Gains Tax has been making headlines following a high profile debate about MP’s expenses.

Making a house a home

There+s+no+place+like+home_9d95e3_4741424In order to be eligible for PPR relief, you must be able to demonstrate that the investment property was your home at some point during your ownership.

The term “home” is key here, merely paying council tax and redirecting some of your post simply is not enough.  HMRC may require evidence that your personal artefacts were present enabling you to reside in the property with “home” comforts, but of course what makes a house a home is a very subjective matter.

Evidence

Perhaps the current trend of sharing your personal life on Social Media, will become useful after all?

Flipping and switching

If you are what’s known as a “property flipper” (regularly buying, refurbishing and selling on) or have elected to change your principal residence from one property to another, which you are perfectly entitled to, be warned that you may be putting your head above the proverbial parapet.

Protect your eligibility

If you need advice on how to ensure you get the very valuable PPR relief, then please feel free to get in touch.

 

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.

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