To the Battlements!
Here is a Tax Exempt Castle “That’s not a Castle! It’s a cardboard cut-out!” All together now; “Oh No It Isn’t!” “Oh Yes It Is!” As the Pantomime Season approaches there may be a lot …
An Englishman’s Home is his ‘Tax Exempt’ Castle – Private Residence Relief (PRR)
“Everyone knows” that:- “A person’s home is exempt from capital gains tax” – SIMPLES! Well, no actually! In law it may get up to 100% tax relief, but it remains a chargeable disposal. Imagine:- 1. …
Private Residence Relief Denied – A Oliver
The tax law surrounding the sale of residences and Private Residence Relief continues to cause disputes between taxpayers and HMRC. With the disparity between capital gains tax rates on most assets and the higher rate …
No Private Residence Relief on Uncultivated, Separate Land – Fountain & Anor v HMRC
Private Residence Relief (PRR) is a very useful relief for taxpayers and prevents Capital Gains Tax from being paid on the sale of a primary residence in most cases. There are aspects of the rules …
Negligence, Private Residence Relief and Penalties
In the recent case of J Day & A Dalgety, two taxpayers had sold three properties that they owned together. The case concerned negligence and penalties for carelessness, as they did not include any details …