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Where Taxpayers and Advisers Meet

Disposal of 2nd property ex family home

Pevsner
Posts:2
Joined:Tue Jun 07, 2022 4:56 pm
Disposal of 2nd property ex family home

Postby Pevsner » Tue Jun 07, 2022 5:33 pm

Hi
Hope someone can help please.
I was named as joint owner of my family home with my mother, father and brother in January 1983. I stopped living at home in 1987 and lived in rental property until purchasing a house in 1992. My mother and father and brother have passed away and I redeemed the mortgage in 1995. I also at that time transferred the property into joint names with my wife.
Since 1995 a family member has lived in the property as a tenant at will. Now he has left the property I am looking to sell and I am aware that we will be liable for CGT on the gain.
1. Can you advise if I am eligible for PPR from 1983-1987 or 1983-1992 or not at all?
2. The house in question requires significant upgrading with the single glazed windows and doors particularly in need of replacement. I was looking to install double glazing and new PVC doors prior to sale of the house. Is this classed as an improvement and can be offset against the gain?
Thanks in advance for your help.

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Disposal of 2nd property ex family home

Postby AGoodman » Wed Jun 08, 2022 12:28 pm

1. 1983-1987 plus 9 months
2. Yes, should be capital improvement
3. The most difficult part of the calculation will be your acquisition value as you will have acquired four different shares at four different times at four different values (a quarter, a twelfth, a sixth and a half respectively)

Pevsner
Posts:2
Joined:Tue Jun 07, 2022 4:56 pm

Re: Disposal of 2nd property ex family home

Postby Pevsner » Thu Jun 09, 2022 12:36 pm

Thank you for the informed reply. Cheers


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