Jason Terry
Joined: 10/28/2024
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RE: Private Residence Relief if property was let during ownership
Dear HMRC Admin 17. The reason I posted on this forum is because the I have already read the guidance links you have provided and they are not clear. Why don't you simply answer my question given the documentation on line does not provide clear information. Also, it would be helpful if the on line documentation was update given the amount of queries that get raised on this forum - Solve the problem - spend less time providing support. I look forward to an update.... -
Private Residence Relief if property was let during ownership
I am confused as to whether Private Residence Relief (PRR) is available if a house has been fully let if it was my primary residence at some time. I bought a property in Reading in October 2001 as my primary residence and lived there until moving to my girlfriend's house (now wife) in March 2012. My girlfriend's house became my primary residence. From March 2012 until September 30th 2024 the Reading property was fully let through an agent. On October 4th we sold my wife's property and we both moved back to the Reading property. It is now our primary residence. We are now in the process of selling the Reading property to move to a different area. I know CGT is due on the gain made on the Reading property but I am not sure if I can claim any PRR. I have lived in the property for 66% of the time I have owned it and it has been let for 34% of the time. Does this permit me to claim any PRR? Any help in understanding this will be much appreciated for budgeting and the CGT return.