Private Residence Abroad

Private Residence Abroad

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Client moved to America in 2001 with his employment.

He has recently returned to the UK, and is now looking to sell his Residence in America.

Does the property qualify for PPR relief? i.e. Does the fact it was abroad have any effect on whether it can be claimed?
Gary

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By User deleted
23rd Feb 2007 10:13

Nothing in life is simple
The amendment to TCGA s222(5) introduced by FA1996 in anticipation of self assessment has left to the taxpayer the determination of which of two homes is a 'main residence', where no election under s222(5)(a) has been made[which appears to be the case here].IR 283 is not very helpful in explaining this

Formally therefore all that is required is to file a return on the basis that as a question of fact the US home has been the main rsidence from the date of acquisition until a date within three years of the ultimate sale.

Finally you have to consider the US tax issues on the sale- the rate of tax may be less if the sale is after 31st December 2007

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Euan's picture
By Euan MacLennan
22nd Feb 2007 13:18

Yes
PPR relief is not restricted to houses in the UK.

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