SolvedCG64738 | Private residence relief: letting: jointly owned residence
From HM Revenue & Customs · Capital Gains Manual
A dwelling-house which is jointly owned by spouses is sold in May 2020 at a gain to each of them of £75,000. It has been lived in by them as their only or main residence throughout their period of ownership. A proportion of the property, agreed at 60 per cent has been let throughout the period as residential accommodation.
The computation is
| Description | Amount | Husband | Wife |
|---|---|---|---|
| - | - | £ | £ |
| Net gain | - | 75,000 | 75,000 |
| Private residence relief | - | 30,000 | 30,000 |
| - | - | 45,000 | 45,000 |
| Relief under s223B TCGA92 limited to the lowest of: | private residence relief £30,000 | - | - |
| - | or | - | - |
| - | TCGA92/S223B(4)(b) £40,000 | - | - |
| - | or | - | - |
| - | gain arising by reason of the letting £45,000 | - | - |
| Applicable limit | - | 30,000 | 30,000 |
| Chargeable gain | - | 15,000 | 15,000 |