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MARK McLAUGHLIN CTA (Fellow), ATT, TEP examines important recent changes affecting capital gains tax main residence relief.
THE SECOND ARTICLE of this series of two, looks at the changes to the operation of capital gains tax only or main residence relief made in the FA 2004 in response to what the Government perceived as unacceptable tax planning. (All references are to the Taxation of Chargeable Gains Act 1992, unless otherwise stated.)
MARK McLAUGHLIN CTA (Fellow) ATT TEP examines important recent changes affecting capital gains tax main residence relief.
THE SECOND ARTICLE of this series of two looks at the changes to the operation of capital gains tax only or main residence relief made in the FA 2004 in response to what the Government perceived as unacceptable tax planning. (All references are to the Taxation of Chargeable Gains Act 1992 unless otherwise stated.)
Another breakdown …
A further 'tax avoidance' arrangement to which the Government objected was designed to make use of gifts relief under s 260 (i.e. for gifts on which inheritance tax is chargeable in this case transfers to a discretionary trust) and private residence relief (under s 225 for only or main residences occupied under the terms of a settlement) to ensure that gains on second homes were realised free of CGT.
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