I have a client who has sold the property he used to own with his (now ex) wife. He moved out of the marital home some years ago but allowed his wife and children to continue to live there while he rented elsewhere. The property has now been sold and he has recieved 50% of the proceeds.
Obviously, he will receive PPR relief while he lived there and for the first three years after he moved out. But, does his marital position have an affect on the situation?
I now have some further information about the CGT problem, and would be gratefull of some help:
My client inherited the property in August 1997, he lived there with his wife until about November 2004 when a financial provision order was granted that meant the property was held by both my client and his wife as a trust in hand as beneficial tenants in common in equal shares.
In the meantime my client lived in staff acccomodation before moving into new accomodation in November 2009. The property was subsequently sold in August 2010.
I assume the purchase price of the property would be its value at probate, would this be right?
Also, does anyone know if the financial provision order has any affect on the PPRR?
As my client was away from home working a lot around the time of the seperation, I am having a hard job determining when the property ceased to be his home. Can anyone help me clear this up please?
