Share this content
4

Period of Absence Applicable?

Client moved away to care for relative

Didn't find your answer?

Working on capital gains tax calculation

Client owned house for 15 years in total.  Lived in for 6, then rented out, then moved back for 1 year prior to sale

They moved as the clients mother was unwell and they moved to be closer to them

They have mentioned period of absence, but I thought that only applied to work situations. I have read the manuals but cannot see that it would apply in this situation. Want to check I am not missing anything
 

Replies (4)

Please login or register to join the discussion.

avatar
By Tax Dragon
22nd Jan 2020 06:49

Start with the legislation on straightforward OMR situations. Although it's been badly hacked about in recent years, the basic rules are still easy to find and read. You're in the computational provisions - s223.

What might scupper you is that it sounds as if there may have been another qualifying residence while they were away. You can have two residences for the final 18 months, but not for a period of absence, IIRC.

Thanks (0)
avatar
By Tax Dragon
22nd Jan 2020 06:53

Blimey you didn't read the manual very well. Just using my crappy old phone it's taken me less than three minutes to find CG65030, CG65040, CG65046 and an example computation. What were you doing?!

Thanks (0)
Replying to Tax Dragon:
avatar
By zarar
22nd Jan 2020 14:11

I have read all of this, but they relate to work situations

This is while caring for an elderly relative

Thanks (0)
Replying to zarar:
avatar
By Tax Dragon
22nd Jan 2020 14:30

With respect, you are skimming, not reading.

It's s223(3)(a); manual references as I found this morning.

Thanks (2)
Share this content

Related posts