CGT on PPR sold at a loss

M

maby

Guest
Hello
I have a query. If my Principal private residence is sold at a loss ,will I be able to use that loss against other CGT gains made to decrease those gains? I know if I make a gain that this is an exception in tax law and there will be no chargeable gain.But I think a loss should be treated as any other loss i.e. it should be allowed to bring down any other CGT gains. If this is not the case, can I claim that the house I live in is not my PPR?
Thanks
 
You can't claim the house you don't live in as your PPR, therefore you can't claim the house you do live is not your PPR. Despite some people's attempts to complicate the rule regarding PPR, it's actually very simple - if you live there it's your PPR, if you don't, it's not.

As your PPR is exempt from CGT on sale gains, IMO (not a tax expert) it follows that it is exempt from sale losses.
 
Maby,

a) either the house is your PPR or not, not something you can pick or chose...

b) on the basis one does not pay CGT on a gain made on their PPR, in turn one can not offset a loss made on a PPR against other gains...
 
You must log in or register to reply here.
Back
Top