Business Relief (7) Flashcards
Where is provate residence relief available in full?
If taxpayer occupied the property throughout the entire period of ownership
Periods of absence which are deemed to be full occupation? (last 9 months)
Last 9 months if property was individuals main residenceat some point in time
Periods of absence which are deemed to be full occupation? (employment)
Any period during which individual was required by his employment to live abroad
Periods of absence which are deemed to be full occupation? (up to 4 years)
Any period up to four years during which individual is required to live elsewhere in the UK due to employment or self-employment
Periods of absence which are deemed to be full occupation? (up to 3 years)
Up to 3 years for any reasion
When part of a residence is used exclusively for business purposes throughout period of ownership?
Gain in relation to that part is not covered by relief
What does letting relief not apply to?
Let property that is not the owners main residence
Where is letting relief available?
Cover any gain not covered by PRR iof part of the property is rented out while remaining part is being occupied by taxpayer
Letting relief is lower of?
PRR relief given
£40000
Gain attributable to letting
If individual left house to live and work elsewhere in the UK without returning to the house?
4 years and 8 months are actual and deemed occupation in PRR
What is gain attributable to letting example (PRR)?
Letting out the first floor to a tenant
Last 9 months in the letting?
Don’t apply to gain attributable to letting. Are treated as deemed occupation
When are details of an entity’s share capital required?
Since relief will only be available if person had minimum required holding of 5%
When are details of any previous business asset disposal relief claims made required?
When there is a lifetime limit of £1 million of gains
What relief is available in respect of the chargeable gain arising on the disposal of shares in a company/freehold?
Business asset disposal relief
