Hi,
I would appreciate feedback on the following CGT calculations on a residential property sale:
Period of occupation (PPR): 14 years
Period of deemed occupation: 15 years
Total period of ownership: 17 years
Deemed occupation / ownership ratio: 15 / 17 = ~0.88
Purchase price plus allowable expenses: 500k
Disposal consideration (sale price): 400k
Total loss: 100k
Loss not allowable due to PPR relief: 88k
Loss allowable for offset against other gains (or carry forward): 12k
When filling out Form 11 Capital Gains panel, is the following correct?
Should the "Claims to Reliefs - Self" and "Claims to Relief - Spouse" be filled out as follows (equal split between spouses)?
I would appreciate feedback on the following CGT calculations on a residential property sale:
- purchase price was higher than sale price
- jointly owned by husband and wife (jointly assessed)
- used as principal private residence for most of the ownership period (14 years out of 17 years of ownership)
Period of occupation (PPR): 14 years
Period of deemed occupation: 15 years
Total period of ownership: 17 years
Deemed occupation / ownership ratio: 15 / 17 = ~0.88
Purchase price plus allowable expenses: 500k
Disposal consideration (sale price): 400k
Total loss: 100k
Loss not allowable due to PPR relief: 88k
Loss allowable for offset against other gains (or carry forward): 12k
When filling out Form 11 Capital Gains panel, is the following correct?
Should the "Claims to Reliefs - Self" and "Claims to Relief - Spouse" be filled out as follows (equal split between spouses)?