PPR - Two Adjoining Houses

PPR - Two Adjoining Houses

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A client purchased a terraced house (number 12) in the 1970's. It was his main residence.

In 1984 he purchased the adjoining house (number 10) and knocked through to have a bigger main residence.

At some point in the 1990's he managed to get the Land Registry to create one title to both original houses as they had become one single unit.

After 20 years, his family have left home and he is now thinking of rebuilding the wall and transferring number 10 into the adult childrens ownership. He will continue to live in number 12.

I assume he will eventually be able to secure two titles from the Land Registry but as he has lived in both houses and required the space to have enjoyment of the property as a larger main residence I assume that PPR will be available on the transfer of effectively half of his main residence to his children.

I assume this will create an exempt CGT event and also a PET. There should be no or very limited scope for POAT to apply as his occupancy of the house he will give away will be on odd occasions over the years (Birthday's, Christmas, etc etc)

Any views?

Byron Heard

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By AnonymousUser
31st Jan 2005 12:58
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