Client rented a house for the family.
At approx. same time bought a smaller house in same area and rented it to parents.
The owned house is now to be disposed of at a substantial profit. The client has to date never lived in that property.
If the client moves into it now as their residence for a short while does the last 36 months count as ppr? I'm sure it doesn't but wouldn't like to miss if it does.
Any other reliefs apart from non bus asset taper and annual allowance?
knuckles
Replies (2)
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The answer to your question is Yes
The last 36 months of ownership is deemed to be occupation as a residence provided that the property has at any time in the period of ownership actually been a residence.
But I entirely agree with Ken's comments on whether the owned house can be considered as ever having been the client's residence.