CGT PPR and Chattels

CGT PPR and Chattels

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时间:2019-10-08

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1、CGT–Reliefs1 PPRandChattelsCGT–PPRTodaywearegoingtolookatthecapitalgainstaxcalculationsforPrincipalPrivateResidencesandChattelsYourPPRisthedwellingwhichisyouronlyormainresidenceImpliesadegreeofpermanenceCaselawsaid32dayswastooshortOnlyallowedone–itisusuallyobviousCGT–PPRPrinci

2、palPrivateResidence(PPR)GainondisposalofPPRisexemptLossnotallowableAllowshouseplusupto½hectareofland,ormoreif‘sizeandcharacterofpropertywarrantit’DefinitionofhouseprovidebycaselawCGT–PPRPeriodsofnonoccupation–gainceasestobeexemptExemptGainis:TotalGainxPeriodofresidenceTotalper

3、iodofownershipCGT–PPRDeemedperiodsofoccupation:a)Anyperiodsofabsenceduringwhichownerorspouseemployedabroad;b)Anyperiodorperiodsofabsencenot>3yearsintotalc)Anyperiodorperiodsofabsencenot>4yearswhereownerorspouseunabletooccupybecauseoflocationofemploymentMustoccupybeforeandafter

4、a,b&cLast36monthsalwaystreatedasperiodofoccupationCGT-PPRAboughtahouseinApril1982for£29,000.Alivedinthehouseuntil1May2005whenheboughtanotherhousewhichbecamehisPPR.HesoldthehouseboughtinApril1982for£145,000inJanuary2012for£145,000CalculatethechargeablegainCGT-PPRAnswerCGT–PPRBu

5、sinessuse–cannotberesidenceatsametimePeriodlosesCGTexemptionCannotbenefitfromdeemedoccupationexceptlast36monthsCGT–PPRLettingoutpropertyGainattributabletoperiodoflettingischargeableonlytoextentitexceedsthelowerof:ReliefattributabletoowneroccupiedcalculationGainarisingduringlet

6、period£40,000CGT-PPROn1June1985JboughtahouseinStokefor£35,000.HeoccupiedthehouseahisPPRuntil1May1987whenhelefttoworkinBristol,livinginarentedflat.Hereturnedtothehouseon1November1988andstayeduntil1July1991,whenhelefttoworkinFrance.HereturnedtoStokeon1February1994andstayeduntil1

7、December2001whenheboughtanewhouseinDerbyandmadethishisPPR.On1February2012hesoldthehouseinStokefor£154,000CalculatethechargeablegainondisposalCGT-PPRHowdoyouapproachthiskindofquestion?CalculatethetotalgainondisposaltakingaccountofexpensesIdentifyperiodsofoccupationanddeemedoccu

8、pation,andtotallengthofownershipProratathegainbetweenexemptan

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