Client purchased and lived in home 'A' for a year while working self-employed (he's not a builder).
Due to lack of work client then did some property improvements on home A to 'fill a year when I had little work on but had some savings and time to invest'.
Time goes on.
Client manages to get a loan to purchase property 'B'
Spent lots of time doing it up (as it was a wreck) before finally moving into it.
Lived in house A all the time until B was complete and habitable - then moved into house B and put house A on the market.
House A was purchased in March 2006 for £200,000.
House B was purchased in October 2008.
Client moved into House B early 2011.
House A marketed for sale from time house B was occupied. Never been rented out, still empty, on market at a reduced price of £300,000.
If there is a gain on house A (I don't know as I don't have all the figures), do I have a problem with PPR relief and CGT on house A or do we just have to write to HMRC explaining the situation and the timeline, as it's now over two years since the purchase of house B?
Or am I worrying un-necessarily?
Any comments gratefully received.
- Do I need a smartphone? 1,615 53
- Deleted question? 579 15
- Yorkshire Day 482 32
- SMP reclaimable by employer 238 6
- inflation rate year on year 18 1
- Self Assessment Tax Return Required ???? 238 8
- Company no longer showing on Companies House web site 312 8
- EU VAT Registration Thresholds 135 6
- Subcontractor and CIS Deductions made by Contractor 332 15
- Entrepreneurs relief sale of business to two different buyers?? 60 1
- E-Magazines and pdfs 134 3
- Late annual return 190 2
- Flat rate VAT 352 8
- corporation tax 465 5
- Credit card receipts vs VAT receipts 2,128 29
- Dividend dates 676 13
- Company Limited Liability vs Public Liability Insruance 126 2
- Companies House change of shareholding 581 16
- Agent help line - long queues? 189 3
- Company Director In Prison 630 13
- Have you staged yet for auto enrolment? 568
- Cancelled 454
- Cancelled 379
- SAGE Payroll Data for Import to MS Dynamics AX 370
- Free-standing washing machine - unfurnished lettings 350
- Probiz 349
- Phishing emails purporting to be from CIPFA? 252
- Is this UK incapacity benefit taxable in UK or Jersey? 228
- Another HMRC computer glitch? 221
- More spam 178