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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5022
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I need to fill a tax return CTG tax return

Customer Question

I need to fill a tax return for the CTG tax return for the sale of my property. The property was purchased in joined name with my husband 19 years ago and it was our mail home only for the first 14 years. How do I inform the tax office that I should be partially entiteled to the Private Reidential Relief?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.
You will have to calculate private residence relief yourself and show the net chargeable gain.. The tax office will not calculate this for you.
I am providing you a link to Capital Gains Summary Notes where you see Computation working sheet on Page CGN6.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/420007/sa108-notes-2015.pdf
If you wish me to calculate the gain for you, please provide me with the following
- total period of ownership (date of purchase and date of sale)
- period the property was your main residence (date moved in and date moved out)
- if the property was let for any period then provide dates of period let
- gain made on the property - buying price, selling price and cost associated with buying and selling the property
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 2 years ago.
I have the computation sheet in with me but which box should related to the amount I should claim for the PRR?
Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your prompt reply..
You should enter PRR in Box I (capital gains elections or reliefs, not the annual exempt amount and description)
I hope this is helpful and answers your question.
Customer: replied 2 years ago.
I should therefore be able to claim 73.68% of the total PRR (equivalent of 14 years out of 19 years as my main home) and I should submit a separate return for my husband. All proceeds and costs to be shared equally between the two of us.
Expert:  taxadvisor.uk replied 2 years ago.
You should also claim additional relief for final 18 months on top of 14 years of main residence .. so your relief become 186 months out of 228 months or 81.6%.More information on prr can be found herehttps://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-reliefI hope this is helpful and answers your question...