Selling part of your principal private residence

Selling part of your principal private residence

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If you sell part of your home to a friend and that person moves in and a share of the property is transfered into their name  is the sale covered by principle private residence relief?

Just then thinking ahead, if you both sell the property at a later date and you have both lived in the property can you then claim exemption under principle private property relief?

Any thoughts would be gratefully recieved, my initial gut feeling is that prinicle private property relief would apply.

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By gbuckell
16th May 2012 10:58

Why not?

I see no problem in either scenario. What is being sold in both cases is an interest in a PPR.

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By TaxationPete
16th May 2012 11:54

Yes it will be covered by PRR (PPR) Read HS283 on the HMRC web site. Regards Peter

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