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Peculiar entities

02 November 2016 / Michael Blake
Issue: 4574 / Categories: Comment & Analysis
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The disposal of residential property interests is now subject to a higher rate of tax.

KEY POINTS

  • Farms and landed estates cause tax issues because of their dual business and private roles.
  • Further tax problems may arise because different interests may have been acquired at various times.
  • Where a part disposal is made statement of practice D1 allows the part disposal rule of TCGA 1992 s 42 to be set aside.
  • The implications of the new rules on residential property gains for farms.
  • For mixed use assets FA 2016 attempts to separate the gains attributable to residential use from other interests.

Most of my professional time is spent contemplating how capital taxes affect farms and landed estates. When changes are proposed to capital gains tax I open any new Finance Bill with a sense of trepidation and excitement (OK mild interest) to see...

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