Only or main residence

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A mother transferred her only or main residence into the name of her son in 1999, but has lived in it since then. The property is now to be sold

Simplified approach allowed for calculating base cost for disposals

PAUL BENNEY considers the tax implications of dividing property as part of a divorce settlement

Can the loss that has accrued on a flat used as a main residence be crystalised so that it can be set against any future gains?

RICHARD CURTIS may have a po-faced story about home ownership with an horrific ending

An unmarried couple jointly owned a property for 14 years before the woman moves out. The man remains there for five years before moving out and selling his share to the woman who subsequently sells the property a year later. At what point in the calculation is main residence relief under TCGA 1992, s 222 given?

SIMON MCKIE examines the nature of a disposal for capital gains tax purposes in light of the decision in Underwood v CRC

How does the two-year time limit for main residence elections actually apply? KEITH GORDON explains that taxpayers may have a surprise card to play

JAMES KESSLER QC discusses the case of Kessler v Information Commissioner & HMRC

PENNY BATES explains the tax planning opportunities on death

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 CG64718 will be amended to reflect this change of view and CG65562 will be withdrawn.

… but for the memories (and the tax advice!). STEPHANIE CHURCHILL looks at some of the issues surrounding the family home and a divorce.

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