Capital Gains and PPR

C

cool2

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Does anybody know what happens in a situation where someone moves out of their PPR into rented accomadation and in say 12mths times sells up. Because you're no longer living there (as your PPR) are you liable for capital gains tax. Assuming the house is not let i.e dosen't revert to an investment property during the 12mth period.
 
Re: Catital Gains and PPR

You have up to 12 months after vacating your PPR during which no CGT applies even if you rent the property out. Longer than that and some portion of any resale gain will be assessable for CGT. Note that if the property is rented out within five years of purchase as an owner occupied PPR then a clawback of stamp duty will apply. Both of these issues are covered in more depth in other threads.
 
Re: Catital Gains and PPR

Thanks clubman. Good news for a monday morning!
 
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