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 TonyTax Your Own Question
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
Type Your Tax Question Here...
TonyTax is online now

, I bought a property on 1st April 2007 in joint name

Customer Question

, I bought a property on 1st April 2007 in joint name for £329k which was my PPR. I lived in the property days (until 1st August 2011).
The property was let from 2nd August 2011 to 1st July 2013 (700 days) when it was sold for £440k leaving a gain of £111k.
My understanding is that the gain of £111k is covered by the PPR 36m rule. Is this the correct interpretation.
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

The gain period that you lived in the property will be exempt from CGT as will the gain maximum of the last 36 months of ownership when you were not living there.
As you sold the property within 3 years of moving out, the gain period when the property was let will be exempt from CGT too.

Take a look at HS283 here information on the main home and CGT.

I hope this helps but let me know if you have any further questions.
Customer: replied 3 years ago.

excellent. I take it I do not need to declare this information on my tax return?

Expert:  TonyTax replied 3 years ago.
As it was let, you ought to disclose the figures in your tax return. You simply claim reliefs equal to the gain. The pages you need to complete are here.