In Mrs PA Ellis v HMRC (and related appeal) (TC02426 – 8 January) a married couple purchased a property in 1999. They let it to tenants until August 2004. In October 2004 they submitted an election under TCGA 1992 s 222(5) that the property should be treated as their main residence. In March 2005 they sold the property at a profit. Subsequently HMRC issued assessments on the basis that the property had not qualified for relief under s 222. The couple appealed. At the hearing of the appeal HMRC stated that they ‘accepted that the property was a residence used by the taxpayers’ but contended that ‘the nature and extent of the use made of the property did not permit of the conclusion that it was their main residence’. The First-tier Tribunal...
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In Mrs PA Ellis v HMRC (and related appeal) (TC02426 – 8 January) a married couple purchased a property in 1999. They let it to tenants until August 2004. In October 2004 they submitted an election under TCGA 1992 s 222(5) that the property should be treated as their main residence. In March 2005 they sold the property at a profit. Subsequently HMRC issued assessments on the basis that the property had not qualified for relief under s 222. The couple appealed. At the hearing of the appeal HMRC stated that they ‘accepted that the property was a residence used by the taxpayers’ but contended that ‘the nature and extent of the use made of the property did not permit of the conclusion that it was their main residence’. The First-tier Tribunal...
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