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amy OT PPR

Forums › ACCA Forums › ACCA TX Taxation Forums › amy OT PPR

  • This topic has 4 replies, 3 voices, and was last updated 11 years ago by Avatarjosy87.
Viewing 5 posts - 1 through 5 (of 5 total)
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  • November 4, 2014 at 9:49 am #207620
    Avatarjosy87
    Member
    • Topics: 172
    • Replies: 215
    • ☆☆☆

    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 empty

    Amy 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 reliefs

    Sir 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

    November 5, 2014 at 1:07 pm #207816
    AvatarPooja
    Participant
    • Topics: 3
    • Replies: 19
    • ☆

    In any case last three yrs is considered exempt.

    November 5, 2014 at 11:35 pm #207907
    Avatarjosy87
    Member
    • Topics: 172
    • Replies: 215
    • ☆☆☆

    hi pooja
    does that means travel abroad for any reason and last 3 years are exempt for any reason?

    November 6, 2014 at 9:54 pm #208157
    AvatarNeeds to pass
    Member
    • Topics: 9
    • Replies: 123
    • ☆☆

    @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

    November 8, 2014 at 12:15 pm #208397
    Avatarjosy87
    Member
    • Topics: 172
    • Replies: 215
    • ☆☆☆

    OK thanks to both of you

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