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CGT and private residence relief
HMRC have changed their view on the entitlement to capital gains tax letting relief under TCGA 1992, s 223(4) where a private residence was occupied by a dependent relative before 6 April 1988.
Previously, HMRC were of the opinion that relief under s 223(4) would not be available where only or main residence relief is due on a residence occupied by a dependent relative. HMRC now consider that lettings relief may be due. CG64718 will be amended to reflect this change of view and CG65562 will be withdrawn.
CGT and private residence relief
HMRC have changed their view on the entitlement to capital gains tax letting relief under TCGA 1992 s 223(4) where a private residence was occupied by a dependent relative before 6 April 1988.
Previously HMRC were of the opinion that relief under s 223(4) would not be available where only or main residence relief is due on a residence occupied by a dependent relative. HMRC now consider that lettings relief may be due. CG64718 will be amended to reflect this change of view and CG65562 will be withdrawn.
HMRC state that 'If taxpayers wish to amend their 2005/06 return they must do so by 31 January 2008. Taxpayers who have already filed their 2006/07 returns have until 31 January 2009 to amend their returns. If there is an open enquiry into a return and we are able to amend it at the conclusion...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
