Principal private residence relief and period of ownership
InD Higgins v HMRC[2017] UKFTT 236 (16 March 2007) the FTT found that principal private residence relief applied to the entirety of the gain.
In 2006 Mr Higgins entered into a contract for the purchase of a flat to be created in an area of the former St Pancras station hotel. He did not have any right to occupy it until January 2010 when he completed the purchase and the flat did not exist for most of that period. It was accepted that he did occupy the apartment as his principal residence from January 2010 until its sale in December 2011 so that principal private residence relief was available under TCGA 1992 s 222. The issue was the period of ownership. Mr Higgins contended that the ownership period had started in January 2010 on legal completion of...
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Principal private residence relief and period of ownership
InD Higgins v HMRC[2017] UKFTT 236 (16 March 2007) the FTT found that principal private residence relief applied to the entirety of the gain.
In 2006 Mr Higgins entered into a contract for the purchase of a flat to be created in an area of the former St Pancras station hotel. He did not have any right to occupy it until January 2010 when he completed the purchase and the flat did not exist for most of that period. It was accepted that he did occupy the apartment as his principal residence from January 2010 until its sale in December 2011 so that principal private residence relief was available under TCGA 1992 s 222. The issue was the period of ownership. Mr Higgins contended that the ownership period had started in January 2010 on legal completion of...
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