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.
- Tax question about small group and how to set up 216 14
- Accounting Practice acting as an employment agency 186 10
- Incorporation Relief 76 1
- What type of Trust? 137 3
- What is 'an asset' for A/A+B CGT? 123 5
- OBK 569 19
- Instant CPD offer 112 2
- cost of moving out for a few weeks 223 7
- Dividend in specie 104 2
- Investor exit 101 2
- VAT on imports and the Flat Rate Scheme for VAT 88 2
- Withholding Tax - Invoicing Ecuador 155 4
- Flat Rate Scheme - Joining date 76 1
- Auto-Enrolment 3,708 175
- NIC thresholds - two employments 1,747 26
- Sage error message 148 2
- Partially exempt? 176 5
- Twenty signs your practice is bad at tax 521 5
- Mileage claim 257 9
- Proof of Delivery 257 8
- Skandia using wrong address 464
- Does anyone use PS Financials accounting software out there? 269
- FHL, period of grace and Entrepreneur's relief 263
- Employee rewards 256
- Legislation access for part-time sole practitioner? 216
- Rental Property W&T And Equipment 207
- EPS Analysis - Change to EURO 207
- Gift of reversion and lease into trust by two different people - later PPR 190
- Etax Australian 165
- Annual Management Charge Rebates and Self Assessment Tax Return 152