In J A Thornton v HMRC [2016] UKFTT 767 (16 November 2016) the FTT found that a settlement paid to a landlord as compensation for the dilapidation of his flats was a capital receipt.
The lease of an apartment block known as Jordan House which had previously been between Silk Estates and Albyn Housing Society was assigned to Mr Thornton. The tenants were responsible for the upkeep of the flats but they failed to comply with their responsibility. Although the flats were vacant for a year as they were no longer fit for habitation Albyn Housing continued to pay the rent. Negotiations also took place with a view to reaching a settlement so that the lease would be terminated and Mr Thornton could take possession of the flats to prevent further disrepair. These resulted in the payment of a...
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In J A Thornton v HMRC [2016] UKFTT 767 (16 November 2016) the FTT found that a settlement paid to a landlord as compensation for the dilapidation of his flats was a capital receipt.
The lease of an apartment block known as Jordan House which had previously been between Silk Estates and Albyn Housing Society was assigned to Mr Thornton. The tenants were responsible for the upkeep of the flats but they failed to comply with their responsibility. Although the flats were vacant for a year as they were no longer fit for habitation Albyn Housing continued to pay the rent. Negotiations also took place with a view to reaching a settlement so that the lease would be terminated and Mr Thornton could take possession of the flats to prevent further disrepair. These resulted in the payment of a...
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