nt00deep said:and the CGT would only be payable on that part of the profit that accrued while the property you sold was no longer your PPR
Berni said:Not true, the value of the property when it stopped being your ppr is not relevant. You will pay CGT on the whole profit, but proportionate to how long it was ppr or rented.
Eg Own house 10 years, ppr for 6, rent for 4, increase in value is 100,000
proportion subject to tax = (10 - 6 - 1) / 10 * 100,000 = 30,000
@ 20% = 6,000 tax due
Berni said:Not true, the value of the property when it stopped being your ppr is not relevant.
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