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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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My partner and I bought a 2nd property in 2000 in joint

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My partner and I bought a 2nd property in 2000 in joint name. This passed to me in 2016 and the deeds were changed into my name. our disabled son occupied the property but now it is not suitable for him
JA: Are there other sources of income (wages, interest, dividends, etc.)?
Customer: I would like to sell it and either buy something more suitable or convert my family home to accommodate him.
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I have some savings but otherwise have a widowed married woman,s pension but no personal pension

Here is the guidance from the Low Incomes Tax Reform Group:

Originally, both foster carers and shared lives (adult placement) carers were denied PRR on the proportion of their residence that was set aside for the use of the children or adults in their care, because they were regarded for tax purposes as running a business. This has been changed and both foster and shared lives (adult placement) carers can claim capital gains tax PRR on any gain accruing to them from the disposal of their private residence, even where part of the house has been used for fostering or supporting a shared lives service user.

Accordingly, both foster carers and shared lives carers can now qualify for full PRR when they come to sell their residences in which they have looked after the children or adults in their care, provided that they satisfy the other conditions for the relief.'

Customer: replied 9 days ago.
thank you. Will I be responsible for the whole tax from 2000 or only after 2016 when I became the sole owner. Will the period between 2000-2016 be based on the joint ownership How does PRR affect the calculation of capital gains is this an additional relief

PRR relieves CGT at 100%. Under the scenario set out yuo will have no CGT liability for the period of disabled occupation.

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