Capital Gains Tax

GOINGONCE

Hi Jimmo

Thank you for your detailed reply and for the link. I appreciate you taking the time to do this. Thanks Jeremy535897 for following up.

I suspect that my circumstances will preclude me from obtaining further exemption. Unless I am able to conflate the qualifying periods of absence, that are provided in the PRR guidance, then that is my understanding. From the guidance:

‘Certain other periods of absence from your dwelling house may be treated as periods of residence if both before and after the period there’s a time when the dwelling house is your only or main residence. The qualifying periods of absence are:

a. absences, for whatever reason, totalling not more than 3 years in all

c. those absences totalling not more than 4 years when either:

·         the distance from your place of work prevents you living at home’

Some of the 42 months absence falls under qualifying period ‘c’ and some under ‘a’. My understanding is that the guidance does not allow me to add these two periods together. Had I lived in the flat in between these two periods, then they would both qualify. But since I did not, they both do not qualify.

Between June 1990 and May 1992, the reason for the absence was ‘c’ - employment. Between May 1992 and December 1993, it was ‘a’ - I was not in employment. (I returned in January 1994 because of employment). 

$64 million question (well not quite)! Can I claim exemption for any of the 42 months absence between June 1990 and January 1994?    

Jeremy535897

Before looking at this in any more detail, did you own another house that you lived in during any of these periods?

[Deleted User]

Jeremy535897 said:

Before looking at this in any more detail, did you own another house that you lived in during any of these periods?

According to first post, second paragraph, apparently not.

GOINGONCE

Hi purydyoaten2
This was my only property. Between July 1990 and Dec 1994 I rented. Thank you.

GOINGONCE

Oops! I meant Dec 1993.

Jeremy535897

You can add the up to three years "for any reason" to the up to four years "distance from employment". This is clear from the legislation in section 223(3) TCGA 1992:
https://www.legislation.gov.uk/ukpga/1992/12/section/223

GOINGONCE

Thank you all for taking the time help me. I really appreciate it.

Robert_McGeddon

Jeremy535897 said:

You can add the up to three years "for any reason" to the up to four years "distance from employment". This is clear from the legislation in section 223(3) TCGA 1992:
https://www.legislation.gov.uk/ukpga/1992/12/section/223

Very helpful for my son.  Thank you.