Just double checking re CGT

Just double checking re CGT

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Client bought property with Sister to live in. In joint names.

Client then met someone and moved out.

Sister continued to live there and clients name stayed on the deeds for mortgage purposes.

Sister has now sold property with a £55 gain.

Am I correct that 50% is down to him less PPR relief from when hew as living there plus the last 18 months.

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By johngroganjga
23rd Feb 2015 13:49

Yes assuming client has not previously sold his half interest to his sister.  You say his name stayed on deeds, but that does not necessarily mean the same thing.  

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By 0098087
23rd Feb 2015 13:58

He received £21,000 from here

He received £21,000 from here when it was sold which was a repayment of his deposit.

HIs name was on the mortgage and the title deeds

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By johngroganjga
23rd Feb 2015 14:08

So you will need to establish the nature of that transaction.  Clearly his interest at the date of sale was no longer a 50% interest.  You will have to get the full history.

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