PCT pass exam

Peter bought this in November 2005 for £180,000 as a rental property. He never managed to rent it out, so he sold it for £250,000 on 1 February 2009.
calculate chargeable gain?
the suggested answer:
Proceed............250,000
Cost.................180,000
Gain..................70,000
how come it didn't deduct the deemed occupation(last 3 years)? is it because he never lived there?

Comments

  • wonderwife2008
    wonderwife2008 Registered Posts: 41 ? ? ?
    Yes you need to have lived there at some point to be able to get the last three years as deemed occupation
  • meibaker
    meibaker Registered Posts: 481
    thanks wonderwife.
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