HI,
I have a question about the NPPR tax. I purchased a property over a year ago and it needed extensive renovations, it took nearly a year before we moved in, am I liable for the NPPR because it wasn't occupied by us for that time? The website says 6 months but it was unoccupied for more than that time. During the renovations we remained in our old house (which we also own), we are unsure what we will do with this house yet. For capital gains purposes I know you have a years grace in which to dispose of an asset but am unsure when I have to start paying the NPPR for the old house.
thanks
I have a question about the NPPR tax. I purchased a property over a year ago and it needed extensive renovations, it took nearly a year before we moved in, am I liable for the NPPR because it wasn't occupied by us for that time? The website says 6 months but it was unoccupied for more than that time. During the renovations we remained in our old house (which we also own), we are unsure what we will do with this house yet. For capital gains purposes I know you have a years grace in which to dispose of an asset but am unsure when I have to start paying the NPPR for the old house.
thanks