Terryw wrote:

reece wrote:

Hi Terryw
So are there no real strict time/holding rules about selling a PPOR?
Can I buy and sell PPORs as many times as I like without having to worry about any time/holding issues?

Income tax than still apply to the profits. The main residence exemption can only apply where the property is held on capital account. Where you are buying with the intention of selling for a profit this will be on revenue account and it will be taxed as income without the 50% CGT discount or the main residence exemption if you live in it.

” Where you are buying with the intention of selling for a profit this will be on revenue account and it will be taxed as income…”
Can this not be said of every property? Surely, every property is bought for the intention of a sale at some time in the future

I have been looking through the tax rules and it seems that, as long as I live in a property as a PPOR, then there is no MINIMUM period that I need to live in it to claim the tax -free status.
Is this correct?

If so, can I sell my house tax free after only being in it for less than 6 months?

• This reply was modified 7 years ago by  reece.

Terryw wrote:

When you inherit a property you generally inherit the cost base of the deceased. So it is as if you are them. What they paid for the property, their stamp duty etc is what you are considered to have paid for it.
The clock only sets to zero if it was the main residence at death.

Thanks again for your advice Terry.

Can you please advise why I have been told to get a valuation for each of the properties. I can understand why I need one for the PPOR but not sure why I need one for the other two since the initial purchase price is the important number