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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15979
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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A question on CGT PPR and Letting releif Calendar of Events

Customer Question

A question on CGT PPR and Letting releif
Calendar of Events
May-03 Bought for £175000
Jun-03 Used by me
Jun-04 Used by Family
Apr-09 Rented out
Dec-10 Ceased to be rented out
Jan-11 Property used by family
May-15 Sale of Property for £375000
Gain 200000
Principal Private Residence Relief (18+12)/144 -41666.66667
Private Letting Relief Lower of £40K or PPRR -40000
(###) ###-####Is this correct
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Customer: replied 1 year ago.
Expert:  TonyTax replied 1 year ago.

I have you letting the property for 21 months which covers £29,167 of the gain. The letting relief is, therefore, £29,167, the lesser of £40,000, £41,667 and £29,167.

Customer: replied 1 year ago.
i can claim £21967 letting relief and Principal Private Residence Relief (18+12)/144 £41666.66667
Kind Regards
Expert:  TonyTax replied 1 year ago.

PPR is £41,667 and letting relief is £29,167. Annual CGT exemption is £11,000.