Archive for June, 2014

A multiple sclerosis sufferer who was hit with a crushing capital gains tax (CGT) bill after the sale of land from which her husband’s business traded will be more than £145,000 better off following a First-tier Tribunal (FTT) ruling. The woman had run a petrol station, post office and convenience store in partnership with her husband until she was struck by her debilitating illness. By the time the property was sold for £1.6 million, she had ‘washed her hands’ of the business, which had continued under the management of her husband. HM Revenue and Customs took the view that she had a beneficial interest in the property and sought to levy £145,430 in CGT on a chargeable gain of more than £420,000. It was pointed out that the property was in the couple’s joint names and that the woman had signed ... Read more