Is your home really your main residence?

posted on April 2, 2013in the Blog Category

Is your home really your main residence?

HMRC has recently successfully contested a claim by a taxpayer that her “home” was her principal private residence consequently denying capital gains tax relief.  The relief was claimed on a buy-to-let property as the taxpayer claimed she had moved in on a temporary basis following a marital separation. Taking into account the length, quality and circumstances of the taxpayer's occupation the First Tier Tribunal found that the property was only ever meant to be a temporary residence evidenced by the fact that the property was on the market during the whole period of occupation. The case highlights the importance of establishing that a property is, in fact, a main residence and taking proper advice. Elaine Jess, Partner

Written By: MBL

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