Cgt

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    Cgt

    Hi if my wife and I own a buy to let 50/50 and we have lived in the property as well, are we both entitled to prr +9months each or prr +9months between us when we sale.
    Hope this makes sence.
    Jason

    #2
    prr is not a fixed amount -- it scales in proportion to the proportion of ownership. You treat it as two entirely separate sales of a property portion and everything (capital costs, purchase costs legal costs and reliefs scale that same way). The only thing that does not scale is the annual allowance (circa 12k)

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      #3
      Hi what I meant was do we both get prr each or combined?

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        #4
        You don’t get two lots of 9 months if that’s what you’re asking.

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          #5
          Your tax calculations are entirely separate (even if it's likely that the figures are the same).

          So for your calculation of your PRR for half the gain, you get "your" nine month's and for your wife's calculation of PRR your wife get's their own nine months for their half.
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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            #6
            Originally posted by jase222 View Post
            Hi what I meant was do we both get prr each or combined?
            As I said -- you each get PRR on 50% of the gain. Two x 50% = 100%

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              #7
              Hello,

              Both you and your wife shall qualify for private residence relief and the amount of relief will depend on a number of facts during the period of ownership.

              Providing the property has been your main residence and you have physically occupied the property for a period of time during ownership, then the last 9 months of ownership will always qualify for private residence relief.

              Let me know if you have any more Qs.

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