Situation is as follows:
Client bought his PPR 15 years ago, lived in it as his sole property for 3 years and has rented it for the last 10 years.
He now wants to put it into joint names with his wife (who has never lived in the property) with a view to selling before April 2020 when lettings relief is pretty much abolished. Given that the wife has never lived in the property as her PPR will she still get PPR and the lettings relief exemption when the house is sold? Im assuming yes but wanted to check.
Replies (7)
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Surely you mean you're assuming no.
Claim PPR on a house she never lived in ?
As regards Lettings Relief, let (see what I did there?) us see what ends up in the Finance Act before we start transferring properties and incurring legal fees and stamp duties.
Cue Justin with an obscure reference to arrangements that would allow the relief to be claimed.
The answer is as above if they married within the last 12 years, otherwise you will need to tell us more.
Nope. She won't inherit his ownership status in any event as it's not their PPR at the time of the inter spouse gift.