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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15914
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Further case, not related to Sale of Business question, but

Resolved Question:

Further case, not related to Sale of Business question, but same family.
Two brothers A & B acquired a house in April 1985.
To be sold to a third brother C during 2015.
Never rented out but brother A lived there for circa 8 years (brother B has his own home).
Can I claim full main residence relief for the period of occupation by brother A ,plus the final 18 months of ownership ?
Or is claim restricted to 50% to reflect his proportion of ownership ?
Thanking you.
Alan
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

The gain has to be split in the ownership proportions. Brother A will be entitled to main residence relief for 8 years and last 18 months relief on his share of the gain whereas Brother B will be entitled to no such relief on his share of the gain as it was never his main home.

I hope this helps but let me know if you have any further quiestions.
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