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Sam
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Category: Tax
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I have a question on Capital Gains Tax UK on the disposal of

Resolved Question:

I have a question on Capital Gains Tax UK on the disposal of a private residence which has also been let during our ownership
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi
Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer, and was previously HMRC and now run my own accountancy business
Please ask away regarding your capital gain question
Thanks
Sam
Customer: replied 1 year ago.
HI Sam lovely to touch base with you. This is my first time on line and thought will give the service a try.
OK my question is about Capital Gains Tax on disposal of a family residence.
We bought a property in Central London on 6th October 1987 and sold it on 2nd October 2014
and our occupation details are as follows:
Occupied 06/10/87 to 06/10/1991 - 48 months
Let :06/10/91 to 05/04/2013 - 258 months
Occupied: 05/04/2013 to 02/10/2014- 18 months
In the above occupation scenario on the CGT Calculation for the PPR do you get an additional 18 months relief- the last eighteen months of ownership?Ashok Bhagani ***********
Customer: replied 1 year ago.
HI Sam did you get my query?
Ashok
Expert:  Sam replied 1 year ago.
Hi Ashok I am just drafting my reply Thanks Sam
Customer: replied 1 year ago.
Cheers Sam
Expert:  Sam replied 1 year ago.
Hi Ashok In this instance as you have Private residence releif already arsing due to the occupancy of the alst 18 months - then you do not ALSO get 18 months for the last 18 months.The only time you would get the last 18 months as private residence relief - (along with the time you occupied the proeprty) would be IF you let right up to the sale date. So your PPR is the 48 months plus the last 18 months so 66 months Then consideration for private lettings relief for the time you let out the property (assuming all rents declared to HMRC) ThanksSam
Customer: replied 1 year ago.
Thank you very much Sam. Very helpful reply- confirms my understanding but did not want to make an error on the Return.
The Letting relief is £40,000 per person if there are two persons owning the property- is that correct? Regards
Ashok
Expert:  Sam replied 1 year ago.
Hi Thanks for your response and new question (which really should be listed as anew question or come under a furtehr charge for additional services) but as this is your first time on Just Answer I shall answer for you on this occasion :) No the Private Lettings relief is the LESSER1) the amount of Private residence relief due2) The amount of gain left over after Private Residence relief has been applied OR3) £40,000 But whatever the figure if the property is held in joint names - then yes each owner has this allocated to their share of the gain. Thanks and please do take the time out to rate me for the level of service I have provided (or click accept) Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13810
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Many thanks - will do - very efficient and prompt
Thank you once again
Customer: replied 1 year ago.
Ashok
Expert:  Sam replied 1 year ago.
Hi AShok You are very welcome and if you need just a second opinion when you have your calculation made - then please do come back to Just Answer - and you can always ask for me if you would prefer (and if another experts copps to reply - you can advise them you would like to wait for me ) Thanks Sam

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