PPR capital gains &letting relief
Any help would be greatly appreciated.
In Aug. '07 I sold a small terrace house I'd owned for 4 years 10 months, which I had rented-out and then lived in.
The house was bought with the intention that it would be my own home. However, at the time of purchase, due to medical reasons, I was unable to work, so bought the house on a buy-to-let mortgage and rented it out, whilst I lived with my parents. This situation continued for approx. 4 years 6 months: house rented out, and me living without employment with parents.
After this time I began living at the property (still with btl mortgage) with the hope of staying indefinitely. Due to continued difficulties, however, I decided it would be best to sell the house (not wishing to rent it out again), and return to living with my parents. I put the house on the market, therefore, and it sold very quickly.
Between the tenants leaving and completion of the sale, I lived at the house for 4 1/2 months. After costs the capital gain was @£60k. My only income for the 07/08 tax year is @ £2,500 from bank interest.
1) Is there likely to be any problem establishing PPR? I have utilities bills, a land-line phone bill and council tax bills addressed to me there, as well as letters from my estate agent and solicitor concerning the house sale. (Although apart from these, I'm not sure what else I could show).
2) Assuming PPR is established, am I eligible for letting relief? If I am, would it be equal to the relief for the 4 1/2 months I lived there, or to the 36 months total PPR I would get.
- Purchase of shares and goodwill 13 1
- How can I tell what returns are outstanding on HMRC online? 214 3
- Practice management - that old chestnut....... 1,210 19
- Suppliers for Online Card Payments? 341 6
- Go Cardless 368 10
- Self assessment tax arrears 305 3
- Mehjoo 321 2
- Tax Return Member LLP 108 1
- How to prove income for a mortgage if you have no SA302s 365 5
- Amazon Fees, Sage VAT/Tax code T20? 188 4
- SA302 328 7
- US Employment Income - Double Tax Treaty 289 13
- Bringing money to Uk 286 4
- Capital Allowances on Furnished Holiday Lets Business 214 4
- Hmrc software 249 3
- What expenses can be claimed after a move to Cornwall? 173 1
- Hosted email exchange 188 5
- South African Government Pension 183 1
- Can anybody help withe the RTI end of year process? 378 4
- VAT Bad Debt Relief 325 13
- Xtuple 515
- Qtac payroll for bureau 355
- Confused - Professional Association a Mutual trader, or not? 298
- Industrial & Provident Societies 292
- Data transfer from Sage Line 50 to VT Transaction+ 233
- VAT Payable on Expenses for Non-VAT Registered Ltd Co 207
- Why would HMRC offer to close an investigation by contract settlement 204
- Domain name sale and limited company 178
- CIS schemes 175
- Director legal fees in loose connection to the company 151