DaveSmith

The extra tax-free residence allowance is often cited for estates that have a home residence worth over GBP650,000 for a married couple but does the basic allowance have to be used first on the family home? I wondered about the following scenario, a couple have an investment property worth GBP650,000 at the time of death and a family home worth GBP350,000, can they utilise the joint basic allowance of GBP650,000 first on the investment property then the GBP350,00 will still be available if they leave this lesser valued family home to their children?

Hi , I just wanted to confirm that for section 8.3.4 People living in the premises whilst you carry out the work, that only either Rule 1 or Rule 2 needs to be satisfied and not both rules to qualify for the reduced VAT rate? In my case, I have owned a residential property for 2 years and never moved in or done any work on the property and therefore the renovation work can be undertaken any time at the reduced VAT rate even if I move in after work has started under Rule 1, and, I can ignore Rule 2? Thanks

Hi Admin 25, Sorry I looked at this further on the HMRC website, it looks to me as if you have 2 years to backdate the nomination to the original purchase date under certain circumstances https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg65000 , but that you actually have 2 years from the day you took up residence(which could be several years after purchase) to make the nomination https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg64495 . Is my understanding correct? My understanding is that in this latter case, you will lose the CGT exemption period between the purchase date and the uptake of residence date but under the former, within 24 months case you will possibly maintain the CGT exemption, is this correct? I understand that the question didn't follow the original thread so may have caused confusion. Thanking you in advance

Hi, is the 2-year limit from when you bought the property or from when you took up residence? The guidance says when you acquired a residence which could mean either case and is ambiguous to my interpretation,