Tax implications of buying a second house?

Ok so here is the situation and my understanding of tax treatment concerning same. I would appreciate comments as to whether Im missing something here.

I have a PPR and currently enjoy MIR as a first time buyer of that residence at a 30% rate.

I want to buy a larger residence and do not need to sell my current PPR. However if I do I would lose FTB MIR on my first property (as it would be classified an investment property) and I would not receive any MIR on the second property I buy as it was scrapped since Jan 2013 assuming I classify the 2nd property as my PPR?

There is no CGT on an investment property bought this year so long as you hold it for 7 years.

Therefore the most tax effective way is for me to buy a second property is to classify it as an investment property. I pay no CGT when I sell it in 7 years and hence its tax reatment is similar to a PPR. I also get to keep my MIR on the first property as my PPR.

Have I got this right?

What do you mean by "classify"? Sounds like you might be proposing to "pretend" it's not your PPR when it actually is, and likewise pretending your original house is still your PPR when it actually isn't.

Messy, and likely to be difficult to pull off, and not worth the risk of being caught (which is increasingly likely as Revenues knowledge of every property in the country increases).

If you live in the new property it becomes your PPR and you can sell that without CGT as PPR's are exempt (unless this changed in the budget?)

Losing your MIR on the first property is no big deal as instead you'll be able to claim 75% of the mortgage interest which is normally superior in value than the MIR.