Edward Reed and Sophie Aitmehdi (Macfarlanes) report on several of the most interesting recent tribunal decisions in the private client sphere.
Private residence relief: an encouraging decision for self-builders
One of the most widely known features of the UK’s CGT regime is private residence relief which exempts from tax capital gains on the sale of an individual’s main residence. The idea is that in a rising property market people should be able to replace their existing home with a property of a similar value – which they could not do if the uplift in value of their own property were subject to tax.
To engage the relief various requirements must be satisfied which have been a fertile source of court decisions. In particular there must have been a ‘dwelling’ which narrows down the qualifying land; that dwelling must have been occupied by the taxpayer...
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Edward Reed and Sophie Aitmehdi (Macfarlanes) report on several of the most interesting recent tribunal decisions in the private client sphere.
Private residence relief: an encouraging decision for self-builders
One of the most widely known features of the UK’s CGT regime is private residence relief which exempts from tax capital gains on the sale of an individual’s main residence. The idea is that in a rising property market people should be able to replace their existing home with a property of a similar value – which they could not do if the uplift in value of their own property were subject to tax.
To engage the relief various requirements must be satisfied which have been a fertile source of court decisions. In particular there must have been a ‘dwelling’ which narrows down the qualifying land; that dwelling must have been occupied by the taxpayer...
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:
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