Archive for May, 2014

In tackling the thorny issue of what does and does not constitute ‘residence’ in the context of tax, the First-tier Tribunal (FTT) has rejected a couple’s arguments that the sale of an investment property was free from Capital Gains Tax (CGT) on the basis that they lived in it as their only home for 25 days before selling it. The couple had lived in a five-bedroom home prior to disposing of it and moving into the flat, which they had owned for several years and which had previously been rented out to tenants. Contracts for the sale of the flat were exchanged eight days after they took up occupation and they moved out 16 days after that, when the sale was completed. The couple argued that the flat had, during their period of occupation, been their ‘only or main residence’ within ... Read more