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CGT and Letting Relief
Comments
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We are joint owners
PRR, LR and PA are claimed by each owner
based on your figures with an assumed 100k each neither of you will have a taxable gain after all relief is applied.We brought our house on Nov 30th 2006 - total costs* £300,000
*cost of house, stamp duty, legal costs, improvements (double glazing, new bathroom, damproofing so it’s sell-able, kitchen costs, new doors – hope these are all allowable?)
PS where did you bring the house from? Was it expensive to move it :rotfl:0 -
Thank you saajan_12, I don't have that information to hand I'm afraid but no I have not rented to anyone else, it has been a bolt hole for me when I needed one.... Thanks though I will try to find these matters out.
May be too late for Sean but wouldn't he get 4 years PPR relief due to working away from home for work (even with it in the UK)?
Also, if he were to move back in for a period then would it mean that he can use the 3 year exemption for any reason? Does that still exist?
You'd then still have the final 18 months qualifying as well which between them could substantially reduce the gain.
Not my area hence asking the questions just in case it's useful for anyone else stumbling across the thread.0 -
May be too late for Sean but wouldn't he get 4 years PPR relief due to working away from home for work (even with it in the UK)?
"moving for work" means the employer requires you to relocate or you get sacked.
I rather think Sean mean he chose to move to London to find better work for himself, not because he was compelled to move there by his employer
the first makes it exempt, the second does not
Also, if he were to move back in for a period then would it mean that he can use the 3 year exemption for any reason? Does that still exist?
yes that exists, read HS283
You'd then still have the final 18 months qualifying as well which between them could substantially reduce the gain.
Not my area hence asking the questions just in case it's useful for anyone else stumbling across the thread.0 -
Have been reading al the posts in this thread and was hoping someone can clarify one thing. Is PRR and LR only claimable if you have lived in a second property.?
We own a property abroad but have never lived in it.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Have been reading al the posts in this thread and was hoping someone can clarify one thing. Is PRR and LR only claimable if you have lived in a second property.?
We own a property abroad but have never lived in it.
It is relief potentially available for the place you are selling, if that place (on its own) meets the conditions0 -
purdyoaten2
Could of, would of, should of...... AAAAAAAAArgh,
Why do you post that? It's so rude.
I asked a question and explained at the time that I know nothing of financial matters, it seems to me that this website can often be a forum for people to put down other people simply because they do not have knowledge, I thought the point of Forms was to help people, who are in need of advice, not be damn sarcastic to them, I explained I knew very little about that subject and I also asked people to be 'kind' because of this. I wanted HELP, not sarcasm...
As a new user you may not have picked up all the quirks of this forum. The comment that you considered rude is in purdeyoaten2's signature. As such it appears at the bottom of all his posts. Consider it a general comment on people's grammar, rather than a dig at you personally.
You have received great help on this thread, that I'm sure you appreciate. I hope you stick around.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Sorry I should explain our primary residence (house) is in the UK. We have a second property in Berlin which has only ever been rented out to tenants. We declare that rental income in the UK and Germany.
Having never lived in the German property I was asking if I was right in assuming that neither PRR or LR would be claimable by us when completing our CGT formThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Sorry I should explain our primary residence (house) is in the UK. We have a second property in Berlin which has only ever been rented out to tenants. We declare that rental income in the UK and Germany.
Having never lived in the German property I was asking if I was right in assuming that neither PRR or LR would be claimable by us when completing our CGT form2. Claim Private Residence Relief (PRR) amount
If the owner lived in the property as their only/main home they are entitled to claim PRR for that period.
If there is no claim to PRR then you cannot claim LR.0 -
Thanks for your help guys!! haha yeh moving that house on the back of my van was costly! guess I should've said "purchased" lol
Anyway with these costs that you've said are not capital improvements, ....these are the costs we are incurring currently. We have just moved back in to the property to do all this work eg. double glazing, Damproofing, fit new kitchen, bathroom etc...we submit our self assessment every jan, so how would we go about doing it this year if we've sold the property by the end of this year. Can we claim for these costs? Also for most part of this year we received no rent from our tenants, so we are looking into going to small claims court to get the rent arrears paid back (apparently this could take upto a year we've been told). Would this have any impact on reducing our CGT?0 -
Hi, I'm trying to work out if I need to pay CGT on a property I jointly own with my wife. We bought the property in July 2013 for £327,000 and lived in the property till October 2015 when we moved to Australia. We then rented the property from November 2015 till March 2017. The property was then empty till we sold it in July 2017 for $425,000. We had no other Uk income whilst overseas.0
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