Is this correct?
Under the 4 year rule, ie
if buy land you intend to move in to a property within 4 years no CGT is payable if it is to be your main place of residence
So you can buy land and then if your intention is to make this your PPR then you can back date when the place became your PPR.
eg I buy land in 2007 build a place later in 2008 and rent it out for a few years.
In 2010 I move in and this is now my PPR.
I now sell this in 2012 .
I have made a capital Gain from 2007 until 2012 but this will not attract CGT, since it is deemed my main residence
I spoke to the tax office about this but just want to be sure I didn't misunderstand.
In my case I have no main residence for tax puposes.
This thread is not concerned with the 6 year rule so please dont go off topic.
Under the 4 year rule, ie
if buy land you intend to move in to a property within 4 years no CGT is payable if it is to be your main place of residence
So you can buy land and then if your intention is to make this your PPR then you can back date when the place became your PPR.
eg I buy land in 2007 build a place later in 2008 and rent it out for a few years.
In 2010 I move in and this is now my PPR.
I now sell this in 2012 .
I have made a capital Gain from 2007 until 2012 but this will not attract CGT, since it is deemed my main residence
I spoke to the tax office about this but just want to be sure I didn't misunderstand.
In my case I have no main residence for tax puposes.
This thread is not concerned with the 6 year rule so please dont go off topic.