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Don’t be an ass
KEY POINTS
- Only or main residence relief is not as straightforward as may be thought.
- HMRC will be aware of property transaction so care is needed to ensure tax returns are correct.
- In cases of doubt a ‘white space’ note can provide some protection from penalties.
- Multiple property ownership and false assumptions on a main residence election.
- Evidence required to support an only or main residence relief claim.
- The importance and potential power of personal evidence.
Tax problems might not always be as intractable as they may appear at first sight. Daniel Martin explains how an element of only or main residence relief was forged from the heat of an HMRC investigation.
If stamp duty land tax (SDLT) is the ‘hot potato’ of the tax world...
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