Income tax was payable under Schedule D on the sale of a builder’s own house. He was shown to have been, in effect, trading taking into account his past record, and doubts about his intention ever to occupy the house as his residence. Some element of permanent residence was required to apply for relief.
Citations:
Ind Summary 22-Feb-1993, (1993) 65 TC 532
Statutes:
Income and Corporation Taxes Act 1988
Jurisdiction:
England and Wales
Cited by:
Cited – Longson v HM Inspector of Taxes CA 13-Mar-2001
The taxpayer disposed of his farmhouse, and sought exemption from Capital Gains Tax under sections 101 and 102 of the 1989 Act. The Revenue said it had not been his only or main residence. Contracts had been exchanged for its purchase in 1983, but . .
Lists of cited by and citing cases may be incomplete.
Income Tax, Construction
Updated: 04 June 2022; Ref: scu.82806
