TomACCA
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CGT on property

CGT on property

Husband and wife buy a property on 16/12/12 for £215,000.  They are both living in another property. 

Husband makes capital improvements and incurs costs totalling £30,380.

Husband and wife separate and the wife moves into the property on 16/10/13.

The house is sold on 16/10/14 for £340,000 when the wife moves out.

This is not my area at all but would really appreciate some help!?

Thanks.

Tom :)

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By Kevkava
04th Mar 2016 09:22

Help with what? You don't say what your query is.

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By TomACCA
04th Mar 2016 09:58

Sorry!

Where do I start?  Can a claim be made for PPR etc?

Tom

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By Kevkava
04th Mar 2016 10:30

Oh dear! I'm sorry Tom but it looks like you're way out of your comfort zone here. If you can't even answer that one, I think your only sensible solution is to go back to your client(s), and advise them to seek expert tax knowledge elsewhere.

You're dealing with a husband and wife who have separated and may well need separate legal / tax representation. Not a good time to be in the middle if you don't know what you're doing.

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By codling
04th Mar 2016 13:18

More info needed

Who owned the other property?

Did wife make a PPR election when she moved into this one?

What is the reason for stating that hubby made the capital improvements? 

At the moment there is a gain of £94,620 less any annual exemptions but what PPR may be available may depend on the questions above.

Back to your clients for more info!

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