Question:
Is it possible to use the valuation for a property in 2002 when it became my main residence, as opposed the original value I bought the property for in the early 1990’s, when I ran it as a holiday home?
Arthur Weller replies:
Unfortunately not. You have to use the figure for the amount you actually spent to acquire the property, at the date when it first came into your ownership. The fact that there was a change of use in the middle is not relevant.
