Dear Sir/ Madam,
I do have a query in relation to CG tax on self built:
Capital gains tax Example – Principal private residence relief where the house has self built in Poland and the owner has lived elsewhere, in UK. Iwona is a tax resident but non domicile.
What is the period of ownership? Date of buying land or date of completing the built? What evidence is needed for proofs?
Your comments would be much appreciated.
Regards
Replies (5)
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If your question is about PPR relief you can forget it because, in your own words, "the owner has lived elsewhere". Come back when the owner has started living there, if of course they are still UK resident at that point, which they presumably won't be.
If the house is in Poland, but the taxpayer has been living in the UK, why do you think that PPR relief is in point?
The period of ownership will begin when the property is fully built, with all services installed, i.e. when it becomes capable of being inhabited. Proofs? Keep every receipt, every invoice, everything. Further to what others have said, if your client has not lived in the property as their PPR at any time, there will be no PPR relief due on disposal.