Goodwin v Curtis (Inspector of Taxes)
Goodwin v Curtis (Inspector of Taxes)
- [1996} STC 1146-1162(18)
- Simon`s Tax Cases [1996} STC 1146-1162(18) .
ChD 23 July 1996. G formed a company and arranged short-term finance to purchase property which included a farmhouse. When the company exchanged contracts, it it entered into a contract by way of sub-sale of the farmhouse to G for £70,000, who then took up residence. The farmhouse was sold a few months later for £177,000 and G purchased a cottage, which he then sold and a house which he also sold. G was assessed for capital gains taxon the farmhouse sale and the General Commissioners held that the gain accruing on disposal of the farmhouse was not exempt. G appealed. "Held" G`s residence in the farmhouse was intended to be brief. Appeal dismissed.
CAPITAL GAINS TAX ACT 1979 S101
CAPITAL GAINS TAX
GOODWIN V CURTIS (INSPECTOR OF TAXES)
PRIVATE RESIDENCE EXEMPTION
TAX RELIEF
ChD 23 July 1996. G formed a company and arranged short-term finance to purchase property which included a farmhouse. When the company exchanged contracts, it it entered into a contract by way of sub-sale of the farmhouse to G for £70,000, who then took up residence. The farmhouse was sold a few months later for £177,000 and G purchased a cottage, which he then sold and a house which he also sold. G was assessed for capital gains taxon the farmhouse sale and the General Commissioners held that the gain accruing on disposal of the farmhouse was not exempt. G appealed. "Held" G`s residence in the farmhouse was intended to be brief. Appeal dismissed.
CAPITAL GAINS TAX ACT 1979 S101
CAPITAL GAINS TAX
GOODWIN V CURTIS (INSPECTOR OF TAXES)
PRIVATE RESIDENCE EXEMPTION
TAX RELIEF