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29 September 2015
Determining the extent to which capital gains tax taper relief was available.
Our new client acquired a factory for business purposes in 1999. After the business closed in 2007 the property was converted into residential flats and the process of selling the flats began. Three were sold before the end of the 2007/08 tax year.
For various reasons the gains were never reported to HMRC and we are now bringing the client’s tax affairs up to date. Capital gains tax taper relief was still available in 2007/08 so we would wish to make a claim for this. However it occurs to us that the asset being sold (the flat) bears no relation to the original one. Would HMRC accept that taper relief applied from the original acquisition date in 1999 or would the relief apply only from the point at which the flat was created?
Query 18 657...
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