Capital gains advice pleease.
Discussion
Hi,
In 2018 my wife and I brought her Fathers house shortly before he passed away. Our son lived in the house until 2024 . I lived part time in the house 2018 to 2021 as I worked shifts, this house was 10 minutes from my work place , our main home was 1.5 hours away , so living there during shifts was easier.
The house is now sold. could anyone tell me if the above circumstances create any exemption or relief on the capital gains tax required ?
Thankyou.
In 2018 my wife and I brought her Fathers house shortly before he passed away. Our son lived in the house until 2024 . I lived part time in the house 2018 to 2021 as I worked shifts, this house was 10 minutes from my work place , our main home was 1.5 hours away , so living there during shifts was easier.
The house is now sold. could anyone tell me if the above circumstances create any exemption or relief on the capital gains tax required ?
Thankyou.
You could potentially have structured this to claim PRR for the period you were living in the property, but you would have had to have done that within 2 years of starting to reside there and note it as your principle residence to the HMRC. It may be worth getting some tax advice on what you can claim, but I think the horse has bolted re any PRR claim.
Sounds like that's the case from my perspective too.
You only get relief if the property was, at some point in time, your Main Residence. If you have also been living somewhere else which would ordinarilly have been considered your REAL Main Residence, trying to prove that the property being disposed of was really your Main Residence will be difficult.
If you had a family in your actual Main Residence that makes trying to prove that the other residence was your Main Residence in that period makes things doubly difficult - especially if you were not estranged from your wife or divorced.
You only get relief if the property was, at some point in time, your Main Residence. If you have also been living somewhere else which would ordinarilly have been considered your REAL Main Residence, trying to prove that the property being disposed of was really your Main Residence will be difficult.
If you had a family in your actual Main Residence that makes trying to prove that the other residence was your Main Residence in that period makes things doubly difficult - especially if you were not estranged from your wife or divorced.
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