switching PPR to NPPR

J

jeanhib

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We bought old house Oct 08 and spent a long time renovatin it-no hurry as existing PPR wasn't selling. Qu- is there a period of time in tax law that allows you maintain PPR status on existing house-I know you can't have two PPRs at the same time but is there some kind of crossover period- we have just moved into completed renovated hse so now its our PPR but for tax purposes want to know if 14 month crossover period is alright ?
 
Have a look at the FAQ on the NPPR site, although this assumes that you have indeed sold your first house (it's not clear that you have). If in doubt, call the NPPR people or drop them a note. The NPPR date was 31st July 2009 so you measure the relevant times (e.g. the 6 months to sell the first house) from then. But if you bought the second house less than a year prior to that (Oct '08, so yes) and sell the first house before end Jan 2010 (6 months after liability date) then it appears that you would not be liable for the NPPR fee.
 
Thanks Watersprite- but its not really the nre NPPR that concerns me-I paid that in Oct on the house under renovation (then our NPPR) but now its our PPR and previous house is our NPPR. Its not sold nor is it likely to be in this market. Its more in realtion to CGT etc down the line that I'd like to know if there's a period of time during which allowance is made for the moving period between one house to another....
 
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