PPR and date it commences on new build in gardenMake Text Bigger
I am a little uncertain of the how PPR election works. I built a new house in the garden of a property I own and rent out.
The new house had building control sign off on the 23rd May 2013 , but the sustainable code sign off was not completed until 1st October 2014 . ( I am informed we could not sell without the sustainable code sign off)
From a CGT perspective when does the clock start ticking 23rd May 2013 or 1 October 2014?
All the bills for the property are in my name and we ( my wife and I) have spent short periods living there whilst having work done on our other house. Subsequently my daughter has lived in the new house for the last year, she is on the minimum wage and did not want to live with us and could not really afford to live anywhere else.
We had hoped to down size and live in the new house and we had our larger house on the market from October 2012 to March 2014 had 30 viewings and no reasonable offer.( Also our son returned from university to live with us ).
Are we too late to make a PPR claim on the new house as we wish to sell it ?( as the realty is our children will be living with us for some time to come and the new house although perfect for the 2 of us is too small to have adult children living )
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