CGT Relief Update
Posted on Nov 26, 2013
Tags: legal updates
Tags: legal updates
HMRC denies CGT relief where home knocked down and replaced
In general, no capital gains tax (CGT) is payable when you sell your main residence. This is due to principal private residence relief (PPR).
However, the First-Tier tax tribunal recently upheld a decision by HMRC that Mr Gibson was not eligible for PPR on sale of a new house, built on the site of his previous residence (now demolished).
For the full background story on this decisions please click HERE
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