Legal Knowledge Scotland » capital gains tax

Oates v Revenue and Customs [2014] UKUT 409 (LC) – valuation of farmhouse for CGT purposes

James Aitken — Mon, 27 Oct 2014 09:01:54 +0000

The UK Lands Tribunal (England & Wales) agreed with the taxpayers that a greater proportion of the sale value should be allocated to the farmhouse rather than the adjoining land. This was important to determine the amount on which main residence CGT relief was available.

Interestingly the Tribunal criticised the guidance in the VOA (Valuation Office Agency) manual.

The full case report can be found here.

Drown & Anor (as Executors of Leadley Deceased) v Revenue & Customs [2014] UKFTT 892 (TC) – executors can claim CGT relief for pre-death losses

James Aitken — Tue, 23 Sep 2014 14:07:01 +0000

The First-tier Tribunal has held that the executors of a deceased individual who had incurred capital losses during his lifetime were able to claim relief for those losses against income and capital gains that had arisen before his death.

The full case report can be found here.

Capital Gains Tax – main residence election

James Aitken — Fri, 25 Jan 2013 10:29:53 +0000

Estate of A R Ellis deceased v HMRC, [2013] UKFTT 775 TC02426

The First-tier tax tribunal has confirmed that a taxpayer’s election as to his main residence is conclusive as long that the property in question was in fact one of his residence.

The Tribunal decision can be found here.