.png)
.png)
Due to a divorce our client and his wife are in the process of selling their home and we are trying to determine the level of only or main residence relief that they will be entitled to.
In 1997 our client and his wife acquired a barn. In April 2002 they sought planning permission to convert the barn into a residence and in 2006 work commenced on the conversion.
This work was completed in early 2008 when our client moved into the property. Even in the current economic climate the property stands at a significant gain.
The problem that appears to exist relates to the apportionment of the gain.
If the gain is apportioned over the entire period of ownership then only the period from early 2008 to the date of sale would qualify for capital gains...
