main residence

main residence

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he lived with parents for 4 years, then moved on marriage to what became his main residence. he continued to pay the mortgage as his parents were 'dependent'. his parents died his father after 15 years leaving him the sole tenant. he let the house.

i work out exemption from cgt as:

main residence 4 years
dependant relative 15 years
of 23 years

but he didn't own all of the residence for the first 19 years - he only owned 1/3rd.

does he get 1/3rd of the exemption?
anon

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By AnonymousUser
07th Dec 2007 17:09

All or nothing
With main residence exemption you either get it in full or none.

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By AnonymousUser
10th Dec 2007 08:41

All
He gets main residence relief on his 1/3rd share. That relief is not apportioned.

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