Message for Sherena

[Melboy]

Hi Sherena,

My Daughter is going to sell her house. Can you give me a broad picture on Tax Implications on the following details please.

Bought 1996.........£53,000

Valuation Today......£150,000 (yes I know!)

She lived in the property for 3 years till 1999

Went to America for 5 years till 2004 Property rented out.

Returned to property with Husband and two children in tow. Lived in property for 1year. Too small for family, bought another bigger property, rented out her property again until now. Now She needs to sell.

The property is in her sole name. Her new family home is in the name of her husband only.

What allowances roughly, are offset?

Mortgage currently £36000

Many Thanks....... Mel.

[plym77]

Hi Mel

Please could you tell me first why your daughter moved abroad? What it due to employment?

I assume she met her husband in the US and that he is a US citizen?

Once I have the above information, I can give you further detail

Sherena

[Melboy]

Hi Sherena

No, Husband is a British Citizen who went to the USA on 5 year contract with his British/USA Company.

Daughter married in this Country and moved with him to the States.

Thanks........ Mel.

[plym77]

Hi Mel

Assuming that they did not have a PPR abroad (often when people go to work abroad the employers arrange a house to rent etc), and had no other PPR in the period in the UK(I assume they only had the one property) I believe that the whole of the property could be covered by PPR:

96 - 99 Actual Occupation

99 - 04 Deemed PPR (foriegn employment - where she resided before and after

04 - to date - Actual PPR (the last 36 months would have been available anyway)

I hope this helps

Sherena

[Melboy]

Thanks Sherena

Passing this info. onto Daughter.