Lisa Spearman (Mercer & Hole) explains why main residence relief is not as straightforward as you might first think.
An exemption from capital gains tax (CGT) on the growth in value of an asset which often represents a high proportion of an individual’s wealth and which not uncommonly grows quickly is hugely valuable. In essence the relief is simple but as ever in the tax world step outside of the conventional – one home and suburban back garden lived in by one family – and problems can start to crop up. Let us look at some of the areas that one should pay particular attention to when looking at a claim for main residence relief.
What is a residence?
It is wise to start at the beginning. The legislation in TCGA 1992 ss 222–226B is well known and...
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Lisa Spearman (Mercer & Hole) explains why main residence relief is not as straightforward as you might first think.
An exemption from capital gains tax (CGT) on the growth in value of an asset which often represents a high proportion of an individual’s wealth and which not uncommonly grows quickly is hugely valuable. In essence the relief is simple but as ever in the tax world step outside of the conventional – one home and suburban back garden lived in by one family – and problems can start to crop up. Let us look at some of the areas that one should pay particular attention to when looking at a claim for main residence relief.
What is a residence?
It is wise to start at the beginning. The legislation in TCGA 1992 ss 222–226B is well known and...
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:
