CGT on Flat sale
Client purchased a property in June 1986 for 41K and occupied it until June 1991.
During that time he had a number of lodgers.
In July 1991 he vacated the property and moved into rented accommodation where he remains.
From July 1991 - June 1992 the property was let.
From July 1992 - March 1994 the property was not let.
April 1994 to date the property has been let and has been substantially restructured consisting of three self contained flats.
If he disposes of the property ( ie all three flats)for 200K, for what period can he claim PPR?
Does the asset qualify as a business asset for taper relief?
If so, from when and at what rate?
What is his likely CGT liability?
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