Flipping

[always_learning]

Naturally if you move into an existing IP, changing it's status to your PPOR, doesnt erase the fact it was an IP and CGT will be proportionally charged.

My point and I assume Pompey's point was that if you buy personally then move in and live in it as your PPOR after 12 months you can sell and pay no CGT.

 

[NigelW]

Naturally if you move into an existing IP, changing it's status to your PPOR, doesnt erase the fact it was an IP and CGT will be proportionally charged.

My point and I assume Pompey's point was that if you buy personally then move in and live in it as your PPOR after 12 months you can sell and pay no CGT.

If you buy a house, move in immediately and live in it as your ppor then sell it within any time period thereafter it is CGT free as it's your "main residence" for tax purposes. The 12 month CGT discount is irrelevant. You could live in it for 3 days and then put it on the market!

But of course if you become a serial PPOR hopper then the tax office may take a very dim view. They are especially vigilant with speccy builders who do this.

cheers
N.

 

[Ross Sondergeld]

Ppor

Hi NigelW,


You are corrent. (based on purchase...then establish PPOR... then sell... = No CGT.)


Ross