Ximena Montes Manzano, BSc, Barrister-at-law practises from Temple Tax Chambers in London, providing advice, litigation support and advocacy services to accountants, tax advisers and lawyers.
Main Residence Relief 3rd Edition
This detailed, clearly written guide to the familiar CGT relief offers fresh commentary on a topic that is familiar to many tax advisers but that contains numerous pitfalls for the unwary.
With full reference to appropriate legislation (including recent changes) and relevant case law, the principles are illustrated with real-life scenarios and planning points.
The complexities of the relief are examined in depth, including the meaning of residence, the concept of the dwelling-house, the question of gardens and grounds, lettings relief, elections between different residences, restrictions, marital breakdown, trusts and personal representatives, etc.
“Extremely useful … a very well structured book.“ – AccountingWeb review of earlier edition.
“The style of writing is clear and concise. … This book enables the practitioner to get to the nub of the problem easily.” – LawSkills review October 2020.
Contents (in brief)
Residence in context
Meaning of dwelling-house
Gardens and grounds
Job-related living accommodation
Main or only residence relief in practice
Electing between multiple residences
Restrictions on relief
Disposals in connection with divorce and dissolution of civil partnerships
rusts, settlements and personal representatives
Main residence of dependent relative before 6 April 1988
Inheritance tax – residence nil-rate band
New for this edition
Several new case law decisions re occupation (period of ownership, persuasive evidence, short periods of occupation, quality of occupation, renovation periods, dilapidated property).
Case law re beneficial interests in a home.
Court of Appeal ruling re when period of ownership begins.
Case law re definition of “dwelling”.
Disposal by non-residents (FA 2019).
Enactment of various extra statutory concessions.
Job-related accommodation for members of the armed forces.
Statutory changes re lettings relief, including interaction with “rent-a-room” relief / shared occupancy with tenants.
Statutory changes re extension of election time limits.
Statutory changes re disposals between spouses/civil partners.