In G and M McHugh v HMRC [2018] UKFTT 403 (18 July 2018) the FTT found that principal residence relief can apply to a period starting up to two years before the taxpayer moves into a property in which he is having works carried out.
Between November 2004 and December 2007 Mr and Mrs McHugh built a house which they then sold in September 2010. The issue was whether HMRC had been right to consider that the relevant period for the purpose of principal residence relief had started when the McHughs had taken occupation of their house in December 2007 and not earlier as provided in extra-statutory concession D49.
HMRC had explained in its review letter that if the build or renovation period exceeds 24 months so that the taxpayer does not move into the property for...
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In G and M McHugh v HMRC [2018] UKFTT 403 (18 July 2018) the FTT found that principal residence relief can apply to a period starting up to two years before the taxpayer moves into a property in which he is having works carried out.
Between November 2004 and December 2007 Mr and Mrs McHugh built a house which they then sold in September 2010. The issue was whether HMRC had been right to consider that the relevant period for the purpose of principal residence relief had started when the McHughs had taken occupation of their house in December 2007 and not earlier as provided in extra-statutory concession D49.
HMRC had explained in its review letter that if the build or renovation period exceeds 24 months so that the taxpayer does not move into the property for...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
