InA Hardy v HMRC[2016] UKUT 332 (19 July 2016) the UT found that the loss of a deposit on the forfeited purchase of a property could not be set-off against the gain realised on the sale of another property.
Mr and Mrs Hardy had entered into a contract for the purchase of a leasehold property. They had hoped to raise part of the purchase price by selling two properties but they had been unable to do so by the completion date. The vendor had rescinded the contract and kept the deposit.
Later in the same tax year Mr and Mrs Hardy realised gains on the sale of the two properties and sought to set off the loss of the deposit against those gains. Mr Hardy’s appeal against HMRC’s rejection of the set-off had been dismissed by the FTT. His...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
InA Hardy v HMRC[2016] UKUT 332 (19 July 2016) the UT found that the loss of a deposit on the forfeited purchase of a property could not be set-off against the gain realised on the sale of another property.
Mr and Mrs Hardy had entered into a contract for the purchase of a leasehold property. They had hoped to raise part of the purchase price by selling two properties but they had been unable to do so by the completion date. The vendor had rescinded the contract and kept the deposit.
Later in the same tax year Mr and Mrs Hardy realised gains on the sale of the two properties and sought to set off the loss of the deposit against those gains. Mr Hardy’s appeal against HMRC’s rejection of the set-off had been dismissed by the FTT. His...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
