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Amy bought a house on 1 April 1985 and occupied as follows:
1/4/1985 – 1/4/1986 lived in it
1/4/1986 – 30/9/1990 travels the world and lets the house
1/10/1990 – 1/4/1994 lived in it
1/4/1994 – 1/5/2013 house emptyAmy sold the house in May 2013 for £400,000. It cost £190,270 on 1 April 1985
Calculate the chargeable gain on the sale of the house after considering all reliefsSir I don’t understand why you considered the last 36 months as amy left the house years before selling it. I though the last 3 years were considered when the taxpayer lives to the house just before selling it.
thanks
hi pooja
does that means travel abroad for any reason and last 3 years are exempt for any reason?@josy87 said:
hi pooja
does that means travel abroad for any reason and last 3 years are exempt for any reason?Correct last 36 months are deemed occupied for ANY reason.
Note if the flat was let and the owner had never moved back in before selling then they would not be entitled to the last 36 months deemed occupation
note – the 36 months in the future will change to 18 months
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