InR Wright v HMRC[2017] UKFTT 816 (9 November 2017) the FTT found that the grant of a sublease to one of the two joint owners of the headlease was a part disposal subject to CGT.
Mr Wright and his son had jointly acquired a 999 year lease over the upper floors and airspace of a building and paid an unconnected LLP to carry out development works to create four residential flats. Two flats were sold to third parties one flat was sold to one of the partners in the LLP and a 999 year lease (less the period of the headlease expired during the development) over Flat 2 was granted to Mr Wright.
The issue was whether CGT was due on the grant of the lease over Flat 2 to Mr Wright. He contended that no gain was chargeable...
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InR Wright v HMRC[2017] UKFTT 816 (9 November 2017) the FTT found that the grant of a sublease to one of the two joint owners of the headlease was a part disposal subject to CGT.
Mr Wright and his son had jointly acquired a 999 year lease over the upper floors and airspace of a building and paid an unconnected LLP to carry out development works to create four residential flats. Two flats were sold to third parties one flat was sold to one of the partners in the LLP and a 999 year lease (less the period of the headlease expired during the development) over Flat 2 was granted to Mr Wright.
The issue was whether CGT was due on the grant of the lease over Flat 2 to Mr Wright. He contended that no gain was chargeable...
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