Capital gains tax and servant`s cottages
Williams, D.
Capital gains tax and servant`s cottages - 1987 - Law Society`s Gazette 34(42) 18 November 1987, 3317-21(3) .
A substantial capital gains tax bill may await someone selling a servant`s cottage either individually or as part of an estate. The problem arises when the cottage is not the dwelling place of the taxpayer, and he is therefore not exempt from tax on the gain arising from disposal. Three cases recently considered this issue, Batey v Wakefield (1981) (WB1726-68); Markey (HMIT) v Sanders (1987) (Abs 37763) and Williams (HMIT) v Merrylees (1987) STC 445, reaching the conclusion that each case rests on the precise facts. It is up to the taxpayers` representatives to ensure that all facts favourable to the taxpayer are brought to the inspectors attention.
CAPITAL GAINS TAX
EXEMPTION
PRIVATE RESIDENCE EXEMPTION
RESIDENTIAL PROPERTY
Capital gains tax and servant`s cottages - 1987 - Law Society`s Gazette 34(42) 18 November 1987, 3317-21(3) .
A substantial capital gains tax bill may await someone selling a servant`s cottage either individually or as part of an estate. The problem arises when the cottage is not the dwelling place of the taxpayer, and he is therefore not exempt from tax on the gain arising from disposal. Three cases recently considered this issue, Batey v Wakefield (1981) (WB1726-68); Markey (HMIT) v Sanders (1987) (Abs 37763) and Williams (HMIT) v Merrylees (1987) STC 445, reaching the conclusion that each case rests on the precise facts. It is up to the taxpayers` representatives to ensure that all facts favourable to the taxpayer are brought to the inspectors attention.
CAPITAL GAINS TAX
EXEMPTION
PRIVATE RESIDENCE EXEMPTION
RESIDENTIAL PROPERTY