References: Ind Summary 22-Feb-1993, (1993) 65 TC 532
Ratio: 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.
Statutes: Income and Corporation Taxes Act 1988
This case is cited by:
- Cited – Longson v HM Inspector of Taxes CA (Bailii, [2001] EWCA Civ 364)
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 . .
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Last Update: 31-Aug-16
Ref: 82806