Hi,
I will be talking to my accountant about this but I like to educate myself as much as possible on thing's beforehand too. I'll try to keep this as simple as possible.
I was gifted a partially build property from my father in 2012, value on transfer 60k
I finished it, connected power and moved in in 2016. Cost me 50k
I lived in it for a year and rented it out for the following 3 years before selling in 2020 for 200k.
Period of ownership is 8 years
Period of habitable ownership 4 years
I lived in it for 1 year (+final 12 months)
So my question is am I only entitled to PPR relief of 2 of the 8 years. Or 2 of the 4 years as it was my project for the first 4 years?.
I have everything written down to the day for my accountant but to keep it simple I've done the above in years.
The reason I asked is, if I done a self build today and it took 2 year's to build form the time I bought the site, then lived in it for 6 year's and sold it I would have thought you'd get full ppr relief?.
Sorry about the long explanation, just trying to cover everything.
Thanks in advance for any advice.
I will be talking to my accountant about this but I like to educate myself as much as possible on thing's beforehand too. I'll try to keep this as simple as possible.
I was gifted a partially build property from my father in 2012, value on transfer 60k
I finished it, connected power and moved in in 2016. Cost me 50k
I lived in it for a year and rented it out for the following 3 years before selling in 2020 for 200k.
Period of ownership is 8 years
Period of habitable ownership 4 years
I lived in it for 1 year (+final 12 months)
So my question is am I only entitled to PPR relief of 2 of the 8 years. Or 2 of the 4 years as it was my project for the first 4 years?.
I have everything written down to the day for my accountant but to keep it simple I've done the above in years.
The reason I asked is, if I done a self build today and it took 2 year's to build form the time I bought the site, then lived in it for 6 year's and sold it I would have thought you'd get full ppr relief?.
Sorry about the long explanation, just trying to cover everything.
Thanks in advance for any advice.