Principal private residence relief and short occupation
InS Bailey v HMRC[2017] UKFTT 658 (31 August 2017) the FTT granted principal private residence relief (TCGA 1992 s 122) even though the taxpayer had only occupied the property for two periods of less than six months.
Mr Bailey was divorced and his children lived with him. He had acquired a property in Richmond through his company with a three months bridging loan and moved into the property with his children. His plan was to obtain a personal mortgage buy the property from the company and remain in the property. However the 2008 crash made it impossible to obtain a normal mortgage and he was only able to secure a ‘buy-to-let’ mortgage which meant that he had to leave the property. Mr Bailey did move into the house two years later but decided to sell...
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Principal private residence relief and short occupation
InS Bailey v HMRC[2017] UKFTT 658 (31 August 2017) the FTT granted principal private residence relief (TCGA 1992 s 122) even though the taxpayer had only occupied the property for two periods of less than six months.
Mr Bailey was divorced and his children lived with him. He had acquired a property in Richmond through his company with a three months bridging loan and moved into the property with his children. His plan was to obtain a personal mortgage buy the property from the company and remain in the property. However the 2008 crash made it impossible to obtain a normal mortgage and he was only able to secure a ‘buy-to-let’ mortgage which meant that he had to leave the property. Mr Bailey did move into the house two years later but decided to sell...
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