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In the second of our occasional Revenue Watch series, an anonymous author explains a little-known tax relief – little known to HMRC, that is
KEY POINTS
- The payment of capital gains tax by instalments.
- Submission of an election under TCGA 1992 s 281.
- Time taken to accept a valid election.
- An agent’s claim to compensation.
We act for an elderly lady who inherited several plots of land from her father a number of years ago. Until recently the land only had agricultural value.
Following the recent construction of a by-pass in the vicinity and the publication of the local urban plan the plots of land became ripe for development and the value increased dramatically.
As a consequence of these developments we were asked to consider our client’s capital tax position and it was agreed that she would make a lifetime gift of the land to her three adult children.
It was established that our client was...
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