Principal Private Residence
jodyewhite
Registered Posts: 35
Hi
I am struggling to remember the rules for working out the periods of deemed occupation, and the working for the chargeable gain.
I know that for the exempt gain we use
Total gain x period of occupation/total period of ownership.
Any help appreciated thanks.
I am struggling to remember the rules for working out the periods of deemed occupation, and the working for the chargeable gain.
I know that for the exempt gain we use
Total gain x period of occupation/total period of ownership.
Any help appreciated thanks.
0
Comments
-
Just a quick reply as I'm quite busy.
Proceeds from sale A
Less costs (B)
Gain = A - B = C
Gain C
Less PPR = (D)
Chargeable gain = C - (D)
PPR =
i) Last 18 months ownership
ii) Upto 3 years any reason
iii) Any period spent working overseas due to employment
iv) 4 years working in the UK.
So, Gain x Deemed / Total = PPR relief.
(Deemed and total are counted in months)
Note:
Conditions ii/iii/iv need to be preceded and followed by actual occupation.
Also note
iii/iv Do not need to satisfy the above condition if the person is required by their employer to work elsewhere immediately.
HTH0 -
Many thanks Bertie for your help.0
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