A house was inherited but due to a local clause regarding occupation my client was prohibited from living in the property. However all council tax and utilities and maintenance costs were paid on the property throughout the period of ownership by the client.
The client lives in a rented property and does not own any other properties.
Is the property liable for capital gains tax or can it be treated as the principal private residence?
Thanks
Anon
Replies (1)
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PPR
The owner would have to live in the property as his home, lock, stock and barrel sometime during his period of ownership. However can you tell me more about the clause that stopped him form living there, it seems rather bizarre . HMRC may accept the clause as justification for PPR. Regards Peter