Content
Leading article...
Anything up his sleeve?
General tax...
Relaxed association
File under 'e'
Research costs?
Give early
A tax on houses
Pension changes
Holiday entitlement
EISy money
VAT...
20:20 vision
Horses for courses?
Do it yourself
That's entertainment
All in the contract?
Where am I?
Law items...
What's in a title?
The privileged few
Called to account
Don't mince words
| 'An Englishman's home is his castle', as the old saying goes. There are plenty of people who think the portcullis and battlements should keep out the taxman. It can be a shock to find that HMRC want capital gains tax on the sale of your bricks and mortar. In three recent cases, the tax tribunal found no evidence that the taxpayers had lived in the properties in a settled way – they hadn't made it their home, even if they had lived in it briefly. The CGT exemption is only for a 'residence', and that means you have to have an intention to live there for a while. How long, no-one knows – but if you intend to move on as soon as you move in, you don't qualify. Using part of your house exclusively for business, or renting it out, can also upset the CGT exemption. If you are expecting the sale of a house to be tax exempt, it's worth checking that you aren't in for a nasty surprise. We can advise you.  |