Can we move into our HMO?
My wife and I were wondering if we moved into our HMO, by not taking in a new group of students and paying the HMO mortgage off with the sale of our residential property and using what was the HMO as our new main residence?
We own the property personally (not a limited company) We have had it for around 20 years.
If we could move into it as our main residence we were wondering if we would have a capital gains tax liability, for the years it was an HMO.
Any advice in this area would be much appreciated.
Stephen
Editor’s Note:
PPR relief calculator >> https://www.gov.uk/tax-sell-property/work-out-your-gain
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Member Since October 2020 - Comments: 199
12:41 PM, 28th May 2022, About 4 years ago
It’s worth paying the planning fee to have it approved for both use class ie “uses falling within the scope of C3 and C4” — that way you will have maximum flexibility and maximum value whatever you choose to do in the future.