S224(3) restriction on PPR claim
A client converted his PPR into 3 flats. He has subsequently sold one of the flats (after having lived in it for 12 months) and I am calculating the CGT position.
He lived in the (unconverted) house for 12 years, then lived in the flat that has been sold for 1 year (2008-09). The last 36 months may also be claimed.
I can see from HMRC website that you have to restrict the amount of PPR relief you can claim, however it indicates that you need to compare the restricted gain to the gain arising on the flat.
1) I am assuming an A/A+B calculation is needed to calculate the 'normal' gain - is this correct?
2) What PPR can I claim? Can I include the period living in the house or is it just the period it was a flat?
Any thoughts or comments on this would be appreciated.
- Personal Tax 190 3
- Is Xero payroll as rubbish as I suspect it is? 1,863 41
- Rent a Relief for small husband and wife run guesthouse 239 2
- Xerocon 2016 811 12
- Mortgage Reference 167 2
- Entrepreneurs relief after enhancement 153 3
- VAT - Check on clients business 1,177 45
- Practical experience 849 15
- Buy Samsung Galaxy Note 5 432 9
- VAT 307 1
- Gift aid procedure please? 217 4
- What counts as income for the £100k 'salary' cap for free childcare from 2017? 181 1
- last minute request 285 3
- US tax form 1099 (misc?) 79 1
- Cash gift from India 503 13
- GP ACCOUNTS 84 1
- Write an article on latest tax changes for landlords. 460 16
- Stamp Duty based on Exchange or Completion Date 124 2
- Re-Training costs - tax reief 276 6
- Maternity and claining expenses 669 6