Share this content
4

CGT and PPR

CGT and PPR

Didn't find your answer?

My client bought his current residence in 1983 in partnership with his brother for £45,000, but was not living in the property. My clients cost at the time £22,500.

In 1996, he bought his brother out and paid him £90,000, and moved into the property.

During 1999/2000, he spent £70,000 on an extension at the rear of the garden.

During 2009/10 he spent a further £120,000 converting the upper tow floors into self contained flats and started renting these out in late 2010.

My client has been living on the ground floor ever since. He is now in the process of disposing the entire property for £1.3 million.

How would the PPR and letting relief be applied on the gain, since it has always been his PPR since 1996?

Thanks

Replies (4)

Please login or register to join the discussion.

By Tim Vane
22nd Sep 2015 18:24

Really? You are asking us to do your maths? Do you not own a calculator?

Thanks (1)
Replying to Anonymous.:
avatar
By madhumorjaria
22nd Sep 2015 18:39

.

Tim Vane wrote:

Really? You are asking us to do your maths? Do you not own a calculator?

 

Thanks, but no need to be sarcy!

 

I am not asking you to do the maths! I was just wondering how the fact that part of the property has been converted into self contained flats and that the client continues to live in the property would effect the PPR claim..

 

 

 

Thanks (0)
Replying to lionofludesch:
avatar
By cohen
22nd Sep 2015 21:56

Hi

This is a good place to start : http://www.hmrc.gov.uk/manuals/cgmanual/CG65265.htm

Thanks (1)
Replying to The Dullard:
avatar
By madhumorjaria
23rd Sep 2015 15:26

Thanks

cohen wrote:

Hi

This is a good place to start : http://www.hmrc.gov.uk/manuals/cgmanual/CG65265.htm

 

Thank you very much, truly appreciated!

Thanks (0)
Share this content

Related posts