This has just been dumped on me while still relaxing from Jan and I can't think staright
Client owns a large retail premises the upstairs of which has neve been used as residential
He has planning permission to build a large flat/house at the back and over the shop, which will shrink the shop by 50%.
He intends to move into the flat for a period of 12 months and a day and then sell it. He thinks he can get PPR and pay no CGT.
My reaction ( apart from horror at being disturbed) is that he has to value the property at the date the conversion is finished and any profit thereafter can gain PPR. However the profit gained at the end of the conversion would be liable to CGT in the usual way.
Who' s talking b******s him or me or both of us