PPR Relief
Options
Shanie
Registered Posts: 4
in Personal Tax
Hello,
I have a client who has let out his main residence for 2 and a half years before selling as he moved to Spain for a while. As this falls under the absence for any reason up to 3 years do I need to report the gain on sale of the property on his tax return ? The gain will be covered by PPR Relief but it is not clear in the guidance if I need to still report the gain on the sale. Any advice would be greatly appreciated. Thank you in advance.
I have a client who has let out his main residence for 2 and a half years before selling as he moved to Spain for a while. As this falls under the absence for any reason up to 3 years do I need to report the gain on sale of the property on his tax return ? The gain will be covered by PPR Relief but it is not clear in the guidance if I need to still report the gain on the sale. Any advice would be greatly appreciated. Thank you in advance.
0
Comments
-
I would think you would need to show the calculation to show the relief being used up.AAT Level 4, MAAT
ACCA in progress
F4- Passed Aug 2020
F5- Passed Dec 2020
F6- Passed Sep 2020
F7- Passed June 2021
F8 - Passed Sep 2021
F9 - Passed June 2021
SBL -
SBR - Passed Mar 22
ATX - Passed Dec 21
APM - Passed June 220 -
Did your client return and live in the property before selling it?0
-
Yes he did thank you for your reply0
-
I would complete the CGT pages even if the gain is nil, since you are completing a tax return anyway.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 18.9K For AAT students
- 269 NEW! Qualifications 2022
- 148 General Qualifications 2022 discussion
- 9 AAT Level 2 Certificate in Accounting
- 44 AAT Level 3 Diploma in Accounting
- 65 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 274 VAT
- 92 Software
- 275 Tax
- 138 Bookkeeping
- 7.3K General accounting discussion
- 195 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 352 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 590 Job postings
- 17 Who can benefit from AAT?
- 36 Where can AAT take me?
- 44 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 65 AAT membership