Tax Advice for Landlords and for those who Let Residential Property

We have collated some great tax top tips for property investing landlords at our book, “Successful Property Letting.”  In the chapter on tax, we included 20 great tax tips along with a simple easy to follow guide for landlords down the highway and byways of HMRC’s tax system.

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Here are three of the tips that deal with the Principle Private Residence (PPR) Exemption:

Tip 1

If you’ve bought a property that requires substantial construction work before it can be occupied as your main residence, the PPR exemption can be extended for up to a year. You can also extend it if you’re unable to occupy it due to a delay in selling your old property. In this situation, it’s possible to have both properties covered by the PPR exemption.

Tip 2

If you have more than one main residence you should tell the Revenue which is your main one within two years of acquiring the second. Obviously, this must be your own private residence where you habitually live, not a property that you rent out. If you are lucky enough to have two homes that you can live in (neither of which is rented) and fail to nominate one, the Revenue may make a nomination for you based on the facts. If you live in both, choose the one that will have the biggest capital gain or perhaps the one you wish to sell first as your PPR. Once you have elected a property as a PPR, you can change it at any time by writing to the Revenue. However, it will only be effective for a period beginning less than two years before the date of your election to change.

Tip 3

If you take in a lodger in your own home, your PPR exemption will usually not be affected but if any part of your property is used exclusively for business purposes, the PPR exemption is not available for that part of the property for the period in question. However, if you have an office at home and sometimes use it for other home uses, then the PPR exemption is still usable in full.

We are away next week. Our next post will be on Tuesday August 2nd

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