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All part of the plan
KEY POINTS
- HMRC argued that the period of ownership of a property began with a contract to acquire it.
- Completion and occupation of property took place more than three years later.
- Referring to Jerome v Kelly HMRC contended that acquisition was on the earliest possible date.
- For the taxpayer it was argued that a period when the property did not exist should not be taken into account.
- The decision will be increasingly relevant as more
off-plan purchases are sold.
The recent decision of the First-tier Tribunal in Desmond Higgins v CRC (TC 5724) which can be found at tinyurl.com/y9vpyzqh has shed light on entitlement to the capital gains tax only or main residence relief in s 222 et seq. The case focussed on the periods of ownership and occupation...
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