I recently purchased a second property that has become my PPR.
I retained my first property (I bought the property 3 years ago) as an investment but have recently decided to sell to avoid paying CGT & stamp duty. I know that I have a year to sell the property but I'm unsure as to when exactly it ceased to be my PPR.
The second house purchased was a new build - does the transfer of PPR happen on the day the keys are exchanged or the day that the initial contracts are signed?
I retained my first property (I bought the property 3 years ago) as an investment but have recently decided to sell to avoid paying CGT & stamp duty. I know that I have a year to sell the property but I'm unsure as to when exactly it ceased to be my PPR.
For SD the minute you rent the apartment under anything other than the Rent a Room Scheme (for which it must be your PPR) a clawback is due. No dates, terms, periods etc. come into this. It's due or it's not.
The clawback will be the difference of the SD you paid and what you would have paid if you purchased as an investor when you originally bought.