Mummy_to_Lily wrote: »
I've got a copy of the land registry, however it doesnt state the price Mum & Dad paid for the house - Any ideas how I can get confirmation of this? Also, obviously they would have incurred costs at the time of buying the property - what would be a reasonable amount (if any) to declare being as Mum can't remember what they had to spend to acquire the house?
I think the PPR calculation is wrong. For the original half purchased there would be PPR releif as she did live in it as her home, so would get PPR relief for the time it was her home and the last 36 months of ownership. For the half she inherited, she never actually lived in it as her home during her period of ownership (though she did before she owned that half obviously). I'm therefore not sure if she would be eligible for PPR relief on the gain attributable to that half of the house.
The only comparison I can think of is when an adult inherits a home from a parent and rents it out. They are liable to CGT on all the gain with no PPR even if they lived in the house as a child ie to gain PPR relief you have to have lived in the property as your PPR while you have ownership.
PPR is fine but its getting late now so will try and add a few more comments tomorrow.
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