In HMRC v D Higgins [2018] UKUT 280 (26 September 2018) the UT found that main residence relief in relation to an apartment purchased off plan only applies to the period of occupation (TCGA 1992 s 223).
Mr Higgins had purchased an apartment off plan in a development of the former St Pancras Station Hotel in London. He had entered into a contract in October 2006. At that time the 10% reservation deposit had already been paid but a further deposit was payable on 1 March 2007. The balance was payable on completion.
The development was delayed by the credit crunch in 2008 which caused the seller to seek alternative finance. Work only began on the apartment in November 2009 and it was substantially completed in December 2009. Completion of the contract took place in January 2010. Mr Higgins occupied the apartment from January 2010 to January...
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In HMRC v D Higgins [2018] UKUT 280 (26 September 2018) the UT found that main residence relief in relation to an apartment purchased off plan only applies to the period of occupation (TCGA 1992 s 223).
Mr Higgins had purchased an apartment off plan in a development of the former St Pancras Station Hotel in London. He had entered into a contract in October 2006. At that time the 10% reservation deposit had already been paid but a further deposit was payable on 1 March 2007. The balance was payable on completion.
The development was delayed by the credit crunch in 2008 which caused the seller to seek alternative finance. Work only began on the apartment in November 2009 and it was substantially completed in December 2009. Completion of the contract took place in January 2010. Mr Higgins occupied the apartment from January 2010 to January...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
