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My clients are two medical doctors who are husband and wife and who are about to sell their former surgery. This was purchased as a surgery in 1983 and used by the practice until 2001, when a purpose-built surgery was completed. The property was then converted back to residential use and the partners moved into it as their only or main residence in 2001. The business asset taper relief is tainted by the subsequent non-business period and there is a substantial gain. The property is situated in the south of England and most of the actual gain has occurred since 2001.
My clients are two medical doctors who are husband and wife and who are about to sell their former surgery. This was purchased as a surgery in 1983 and used by the practice until 2001 when a purpose-built surgery was completed. The property was then converted back to residential use and the partners moved into it as their only or main residence in 2001. The business asset taper relief is tainted by the subsequent non-business period and there is a substantial gain. The property is situated in the south of England and most of the actual gain has occurred since 2001.
Do readers have any experience of using a valuation basis for splitting the gain rather than time-apportionment since this would produce a much better result for the taxpayers and would also reflect the actual situation?
Query T17 050 – SW.
Reply by Vairao:
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