A husband and wife owned a property, their home, with an adjoining self-contained annexe on a site of approximately two acres. The annexe was let for a number of years as a holiday let, it was not let for the last six months of ownership. The owner's divorced and sold the whole property. Can readers advise whether any cgt will be due, all replies welcome.
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All sorts of questions re dates, amounts, timing of sale relative to the divorce etc.
On a hunch, and presuming the UK, I suspect there is a good chance yes, there is a chargeable gain, the critical point then being what of it cannot be relieved.
Yes I would expect so. You will need to calculate the gain for the house and the annex separately. Look at the PPR rules for maximum permitted area and the FHL rules to see if entrepreneurs relief could potentially apply.