Capital gains tax private residence is relief is available where a property is occupied as the taxpayer’s only or main residence. The question of what constitutes ‘occupation as a residence’ was considered recently by the Tribunal, with perhaps surprising results. Quality not quantity There is no minimum period of residence that is needed for private […]
Flipping Private Residence Relief – how to choose your main residence to maximise relief Flipping Private residence relief (also known as main residence relief) takes the gain arising on the disposal of a person’s main or only residence out of the charge to capital gains tax. This relief means that in the majority of cases, […]
Summary : Gift holdover relief (under TCGA 1992, s 165) was precluded (under s 167(2)) on an individual’s gift of goodwill to a UK company, as control of the company was attributed to the transferor’s wife (among others) who were not resident or ordinarily resident in the UK. Background : The appellant, a US citizen who was […]
Summary : The appellant’s period of ownership of an apartment for private residence relief purposes (under TCGA 1992, ss 222, 223) began when he owned the legal and equitable interest in the lease of the apartment and the legal right to occupy it, being the date of legal completion of the purchase of the lease. His […]
Capital Gains Tax Returns can be a tricky concept to get your head around, so it’s a good job we’ve written this blog that explains everything as simply as possible. Read on to find out everything you need to know about Capital Gains Tax… What is Capital Gains Tax? Capital Gains Tax is a tax […]
If you keep up-to-date with news and the opinions of political leaders you’ll know that there has been a significant debate in recent weeks surrounding the taxing of Non Resident Landlords Property Investment including but not limited to Buy To Let Residential and Commercial Properties. With Boris Johnson and Liberal Democrat leader Vince Cable both stepping out […]
