Hi everyone,
we are about to convert our PPOR of 3 years to an IP. We are then going to rent for 6 months and then buy a new PPOR. We were going to get the valuation done for capital gains purposes early next week before the tenants move in. However my accountant informed me today that since I would be renting for 6 months, that I could still claim my IP as a PPOR so capital gains would not apply during this period. She also said that after we buy our new PPOR, that we could still claim both the IP and new PPOR as PPORs for 6 months. This would mean that we would possibly only need to get the valuation done in a years time. Can someone please confirm that this is true?
Thanks in advance!
we are about to convert our PPOR of 3 years to an IP. We are then going to rent for 6 months and then buy a new PPOR. We were going to get the valuation done for capital gains purposes early next week before the tenants move in. However my accountant informed me today that since I would be renting for 6 months, that I could still claim my IP as a PPOR so capital gains would not apply during this period. She also said that after we buy our new PPOR, that we could still claim both the IP and new PPOR as PPORs for 6 months. This would mean that we would possibly only need to get the valuation done in a years time. Can someone please confirm that this is true?
Thanks in advance!