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Pricipal Primary Residence and tax relief


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Hello all

First of all I wish to thnak everyone who has helped we with problem tenants by offering advice

1)I have found that using MCOL(usual fee £100 when filing a small claims case on line) or serving notice on tenants who don't pay the rent and think they can get away with -works very well.

I can't afford to have tenants who dont pay the rent

2)Rental Agents who charge a fee but don't do the work are afraid to go to court(they have good reason to). I have recently recovered 1 years agents fee and rent collected and witheld by them using Money claim on line from a large estate agent in London.

I would urge other to use these as they are there for a reason

My question is on a different matter I wonder if more experienced members could advice

I have recently purchased a 2nd home where I have been living for pawst month and it is undergoing some refurbishment with a view to possibly renting it or selling it in future.

The property is a repossession property and has been damaged, it is currently undergoing refurbishment.

I am a high rate tax payer

How do I inform the taxmen and avoid tax on principal primary residence. The first home is currently vacant until this property gets ready (tax avoidance is not illegal I am told recent ) .

. I understand it is possible to save on CGT when selling. I may either refurbish and sell immediately or rent it and then sell depending on tax implications.


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