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?
- VAT Box 7 and supplies from unregistered traders 386 12
- Exclusion of single director companies from the Employment Allowance in 2016/17 160 5
- Transferring rental property to limited company 81 4
- Dormant co. now trading 295 9
- Cloud-based email services? 229 5
- Entrepreneur - want to submit accounts by myself 1,636 21
- Advertising Tips? 108 5
- IR35 275 2
- Client tied in to accountant. Unfair contract? 2,113 25
- Company Structure 91 4
- Online or Paper 64-8? 175 4
- 2012 13 HMRC QUERY 380 4
- Lease premium payment of £20,000 137 3
- Notifying HMRC when striking off company that never traded 112 2
- VAT on sale of goods outside of EU - Flat Rate 134 5
- Late PAYE Registration 193 6
- Auto enrolment confusion 1,468 27
- Do joint employment contracts enjoy double NI allowances? 144 3
- Auto Enrolment 587 3
- Not renewing AAT 1,389 13
- Self employed and HMRC Worldwide Subsistence Rates 722
- 2015 tax year end 461
- Interest paid - do new rules affect Tax Credits? 424
- Self employed consultant working in Ireland 370
- Costly Accounting Software contract 346
- Directors' advances and credits 277
- Market Invoice (P2P invoice discounting) tax treatment 258
- DTA tie-breaker issue 245
- Tax on internet ad sharing income 232
- Credit against UK NI for NI paid to EEC Countries 206