How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4183
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I own my flat in the UK in my sole name,my wife owns a property

Customer Question

I own my flat in the UK in my sole name,my wife owns a property abroad,where our children were educated,they returned to work in the UK,approx 3 years ago to work,when they lived at my property for a time,my wife will from now on be spending much more of her time in UK,if in the future i decide to sell my UK property will it be treated as my Principal Private Residence
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

For the purpose of Private Residence Relief (PRR) husband and wife are treated as one and the same person.

Where children are concerned PRR is extended to those under 16 years of age who have been adopted.

When a sale eventually takes place the time of occupation under PRR will be proportioned usually on a monthly basis against the total ownership period. Depending upon the time of total ownership you will appreciate that this proportion may be so small as to reduce any chargeable gain substantially and on top of this will be your annual allowance of 11.1K, 14/15 tax year. This may well reduce your capital gain to nil for tax purposes.
Customer: replied 3 years ago.

Hi Keith


I,m not fully clear on your answer,will my UK property be my PPR,for all of the time i owned it,or part of the time,as i have owned it since2007

Expert:  bigduckontax replied 3 years ago.
If you, your wife or both of you were in occupation then it will be your PPR for that period or periods of occupation. If you vacated it whilst your children occupied it then for that time of non occupation there would be the adjustment mentioned in my original reply and the adjusting factor be of the order of 36/84. I suspect that adopted children don't figure in your case.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 3 years ago.
Thank you for your support.