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Are PRR and Letting Allowance still available?

Have the rules had changed yet? An is a CG tax return required soon after the sale?

Didn't find your answer?

Client's mother transferred her house to her daughter in 1990. Mother deceased and daughter lived in the house for a few years, then moved out and let it until it was sold in May 2019.

Somewhere(?) I heard the rules have changed since I last did a case like this - I searched the web but cannot see anything about it.
Are Letting Relief and PRR still available, and does she have to complete a tax return within a few months for the Capital gains?

Have I missed anything?

Replies (6)

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By SteLacca
23rd Aug 2019 14:38

They change from 6 April 2020. You'll be fine.

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Replying to SteLacca:
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By ugdiv
23rd Aug 2019 16:05

SteLacca wrote:

They change from 6 April 2020. You'll be fine.

Can you point me to the new rules please?

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Replying to ugdiv:
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By Accountant A
23rd Aug 2019 20:12

ugdiv wrote:

Can you point me to the new rules please?

https://www.gov.uk/government/collections/hmrc-manuals

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Replying to Accountant A:
Psycho
By Wilson Philips
23rd Aug 2019 20:33

Pathetic

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Replying to Wilson Philips:
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By Tax Dragon
24th Aug 2019 08:11

Never mind that... is it even right or relevant? The Manuals are not known for being ahead of the rules.

OP, you could do worse than look at https://www.gov.uk/government/consultations/capital-gains-tax-private-re...

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By carnmores
23rd Aug 2019 15:09

it is highly likely that there will be a substantial gain that has to be reported on a tax return as it appears that there are at least 20 years of taxable gain

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