My client owned a property as her main residence from 1996-2002. It was then let out, then in 2004 it was put into joint names after marriage. Can she still claim the PPR relief for her portion? or is it deemed that it was sold in 2004? if so should we take the valuation at that point to calculate CGT as they are now selling the property?
Thanks in advance for any advice.
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Replies (4)
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My advice would be to read up a bit on CGT. Its written in quite simple language in HMRC's manuals if you don't fancy the legislation.
Your question is very confused.
I don't see why the 2004 valuation is relevant to your client if this is an interspousal transfer.
PPR relief ought not be a problem for your client.
Your client's spouse however is another story.
However if you say "now selling" and not "sold" there may be an escape hatch they can climb through, if only they take proper advice prior to sale.
Your client potentially made a big mistake in 2004. As suggested do some research to identify that point, which will give you a greater understanding.
Some really good advice in the comments above, Suzanne.
Have a look at the manuals as suggested: https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg64200c.
The value at 2004 is irrelevant.
I'd agree with the above and add/suggest: buy in some advice. GP doctors refer patients to consultants. GP accountants should similarly refer specialist cases.