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Arthur's Grand Finale
The article 'Arthur's Grand Finale' presented a case study on capital gains tax planning for a temporary non-resident working abroad and offered the possibility of rolling over a gain on a trading asset into a property for furnished holiday letting after acquiring non-residence. This part of the planning holds good but a reader has pointed out that the further suggestion in the article that the property for holiday letting could later be sold without capital gains tax liability if the taxpayer were to return to the United Kingdom within five years runs foul of section 10A(3)(d) Taxation of Chargeable Gains Act 1992. That subsection contains a provision specifically to include any asset within the charge under section 10A if gains have been rolled over into that asset under section 152(1)(b) of the Act by reference to any 'relevant...
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