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PRR on jointly owned property -split occupation

Father & daughter have lived in flat as their indiv. sole residence at different times - PRR calc?

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I've dealt with PRR on a number of occaisons but never in a situation quite like this. Father and daughter have owned a London flat jointly for 30 years. At different times they have each used it as their sole residence.

I thought at first, that I would split the gain, then apply their individual fractions of occupation (including the last 9 months for each of them) to their share of the gain to get their individual PRR.

But now I am 2nd guessing myself - should I add all the occupied time together, add the last 9 months (only once), and use this to get an overall PRR for the whole gain, before splitting the gain between them.

 

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By cohen
10th Feb 2021 16:27

Gain is presumably the same for each, but relief will differ. Calculate each separately - they have separate occupation periods, so likely to have different amounts of PRR.

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By Rammstein1
10th Feb 2021 16:28

No you look at their residence and gain separetly.

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By Paul Crowley
10th Feb 2021 16:48

Agree both
Dad claim different to daughter claim

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By RetiredTax
10th Feb 2021 19:15

No, calculate the gains relating to their respective interests and then apply their respective PPR etc reliefs to their separate gains.

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Replying to RetiredTax:
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By Tax Dragon
11th Feb 2021 06:12

It's true that their base costs could be different, and separate calculations of the gains may be needed.

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