Tuesday, November 17, 2009

Can i claim the private principle residence exemption from capital gains tax if my business is run from home?

if i run my garden centre as a business from home and in the future i decide to sell my home at a profit in the near future, can i claim the private principle residence exemption from capital gains tax?

Can i claim the private principle residence exemption from capital gains tax if my business is run from home?
You can still claim principal private residence on the relevant part, but the relief may be restricted on the basis of the value of any part that is used exclusively for business.





You would have to apportion the gain taking account of the business element, but could also time apportion it if, for example, you lived there for a period before starting the business activities.





You will need professional advice to calculate the detailed numbers though.


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