PCT pass exam

meibaker

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?

wonderwife2008

Yes you need to have lived there at some point to be able to get the last three years as deemed occupation

meibaker

thanks wonderwife.