Brother and sister purchase flat 50:50 from their own funds in 2009 200K. Property is let to various parties until 2014 - where it is occupied by sister. Brother moves overseas to Canada and resides there from 2015 and remains there . Sister pays no rent. I get there is PPR for the sister for the period from 2014- can i rebase the property? As there is no rent paid by the sister is there any relief for the brother ?
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can i rebase the property?
Not sure what you mean although I suspect the answer’s no.
As there is no rent paid by the sister is there any relief for the brother ?
Again, not totally sure what you mean. I can’t think of any reliefs and also I assume that the Canadian tax authorities may have some taxing right which you need to consider.
Articles 6 and 13(1) of the UK/Canada DTA deny brother possibilty of treaty relief from UK CGT., and he is subject to the UK 30 day return and payment rules.
Occupation as PPR by sister is not a deemed acquisition. It merely determines the fraction of the total gain qualifying for PPR relief.
The connected party rules do not appear to be relevant in these circumstances
