If you live in, as your home, 2 or more houses, you can only have one main residence at a time for Private Residence Relief. You can nominate which residence is to be treated as your main residence for any period. Your nomination must be made within 2 years of the date you first have a particular combination of residences.

Can a loss be offset with private residence relief?

If you make a loss on the disposal of your home and you would have got Private Residence Relief if you had made a gain, your loss won’t be an allowable loss and you won’t be able to offset it against any gains you’ve made.

When do you have to sell your primary residence?

You then purchased the residence, and you sold it in 2020. You’ve owned it for two years, 2018 through 2020, assuming you don’t sell before your two-year anniversary, so you’ve met the ownership test.

Where to live after you’ve sold your home?

You’ve sold your home and are under contract for the next. With so many moving parts when it comes to real estate transactions, timing isn’t always perfect. So, where do you live during this waiting period?

If you live in, as your home, 2 or more houses, you can only have 1 main residence at a time for Private Residence Relief. You can nominate which residence is to be treated as your main residence for any period.

When do you nominate a second home as your main residence?

You can nominate the second home or your original home to be your main residence. Your nomination must be made by May 2017. If you’re married or in a civil partnership and you’re not separated from your spouse or civil partner, you can have only 1 main residence between you.

Which is your main residence during your period of ownership?

the ‘dwelling house’ has been your ‘only’ or ‘main residence’ throughout your ‘period of ownership’ you’ve not been absent, other than for an allowed period of absence or because you’ve been living in ‘job-related accommodation’, during your ‘period of ownership’