Guys
This may have been answered before so apologies.
My wife and I bought an apartment in 2003 for 320K, it's currently worth c.500K. It has been our PPR since purchase.
We're thinking of buying a house to live in as our PPR (from Jan 2007 say) and want to rent out our apt i.e. apt ceases to be our PPR in Jan 2007 say.
My questions relate to the possible sale of the apt in the future.
1.) Are we liable to pay CGT on the gain on the apartment for the period while it was our PPR (180K gain for the period 2003 to Jan 2007).
2.) Who determines the value of the apt at the point it ceases to be our PPR - i.e. who determines the gain ?
Thanks
Hermes
This may have been answered before so apologies.
My wife and I bought an apartment in 2003 for 320K, it's currently worth c.500K. It has been our PPR since purchase.
We're thinking of buying a house to live in as our PPR (from Jan 2007 say) and want to rent out our apt i.e. apt ceases to be our PPR in Jan 2007 say.
My questions relate to the possible sale of the apt in the future.
1.) Are we liable to pay CGT on the gain on the apartment for the period while it was our PPR (180K gain for the period 2003 to Jan 2007).
2.) Who determines the value of the apt at the point it ceases to be our PPR - i.e. who determines the gain ?
Thanks
Hermes