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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Law
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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We have lived with my son and family . The home is

Customer Question

We have lived with my son and family . The home is a barn conversion which my son built with the help of money from his dad. The only name on the deeds of this home is my sons. We help towards cost of c. Tax electricity etc.
Just over 4years ago husband and I bought a flat near the sea which I spend a lot of time in. Can we call the flat ( by law) our second home?
Submitted: 1 year ago.
Category: Law
Expert:  taxadvisor.uk replied 1 year ago.

and welcome to the site. Thank you question.

Please advise


- Do you have another property that is in your own name that you regard as your main residence as the property you live in at present is in your son's name.

Many thanks


Customer: replied 1 year ago.
We have no other property so I guess you are saying the flat cannot be a second home. If that is correct thank you and I need ask no more questions
Expert:  taxadvisor.uk replied 1 year ago.
Cynthia, thank you reply.

You have stated -
Just over 4years ago husband and I bought a flat near the sea which I spend a lot of time in. Can we call the flat ( by law) our second home?

If this is the only property you have in your own name, then you should call it your main residence because you say you spend a lot of time in that flat. By doing so, your capital gain would be covered by private residence relief when you come to sell it.

If the property is a second home then all gain on sale is chargeable to capital gains tax.

More information on private residence relief can be found here

http://www.hmrc.gov.uk/helpsheets/hs283.pdf


I hope this is helpful and answers your question.

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