Hi Paul,
Thanks for the prompt reply.
So if I understand this correctly here is how it works (with an example)
Bought : 1/1/2015
IP until : 1/8/2015 (IP for 7 months)
PPOR Since : 2/8/2015
PPOR Until : 1/8/2016 (PPOR for 1 year)
IP since : 2/8/2016
Sold : 1/1/2025 (MR for 6 years and then IP)
Assumption : I don't claim any other PPOR from 2/8/2016 for upto 6 years (2/8/2022)
So, In this scenario I am liable to pay CGT for following duration :
1/1/2015 - 1/8/2015 ( as the property was IP for the initial 7 months after purchase)
2/8/2022 - 1/1/2025 ( as the property was IP and 6 year is over since it was MR)
Is this correct understanding ?