Hi
We are an unmarried couple (business partnership) looking to sell our commercial guest house which has an apportioned residential rate from the valuation office agency, at the same time one of us owns and lets out a small semi detached house which we believe was elected as a main home for CGT exemption, but this needs to be confirmed with HMRC
The small semi detached house was owned and lived in for 13 years and 3 months and the guest house 13 years and hence the small semi detached house has been let for 13 years.
Can anyone agree, or otherwise, with our understanding of the following
1) That PRR would apply to the residential proportion of the guest house gain if an election has not been filed for the detached property
2) That PRR would be attributed to the period of ownership prior to letting of the detached property if an election has been filed
Hopefully someone can point us in the right direction as their will be tax consequences that we are trying to understand.
Many Thanks
Gandonas22
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