This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

CGT One Year Rule, I am in Shock.

someone
Posts: 381
Joined: Mon Feb 13, 2017 10:09 am

Re: CGT One Year Rule, I am in Shock.

Postby someone » Tue Aug 06, 2019 12:08 pm

https://www.rossmartin.co.uk/sme-tax-news/1091-letting-qualifies-as-business

The UTT decided that the FTT had erred in law and decided that ordinary property letting:

Is not a trading activity - Griffiths v Jackson; Grifiths v Pearmain 56 TC 583.


I think this means that S152 et al do not apply.

wamstax
Posts: 1869
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: CGT One Year Rule, I am in Shock.

Postby wamstax » Tue Aug 06, 2019 1:44 pm

Read here and unfortunately apart from FURNISHED HOLIDAY LETTING the simple letting of domestic property is not a trade and therefore you are not a trader ( in relation to the simple letting) and you cannot get S152 deferral relief

See
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg60260
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact can be obtained from website

pawncob
Posts: 4342
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: CGT One Year Rule, I am in Shock.

Postby pawncob » Tue Aug 06, 2019 3:50 pm

That relates to business assets. Your property doesn't qualify.
With a pinch of salt take what I say, but don't exceed your RDA


Return to “Capital Gains Tax, CGT”