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Confusion as to the capital gains tax reliefs available often arises when a taxpayer has two residences
Our client purchased a house in his sole name in the summer of 2002 for himself and his family to live in. The property required extensive work and the moving-in date was set at early 2003. In autumn 2002 his wife accepted a senior position at a medical monitoring facility which entailed them living in accommodation on site.
The accommodation was provided rent free as job related and the accommodation was accepted as such by HMRC. Ten years have now passed and during that time the client’s own house has been rented out.
The wife is now leaving work and to provide continuity for his children at the local school he wishes to sell the existing house and purchase a new house to be their home in the same locality as his wife’s (soon to be) former employment.
Our question is therefore ...
