Capital Gains

J Rice (TC3273)

A look at the National Audit Office report on the landscape of tax breaks

J Blackwell (TC3243)

V and S Wagstaff (TC3183)

The government is set to extend its radical plan to remove the main residence election for non-UK residents, according to a leading tax specialist.

Adviser and author Kevin Slevin learned from the Treasury that a mooted shake-up of the capital gains tax regime relating to property will affect all homeowners from April 2015.

Advisers can be reassured by the Court of Appeal’s judgment in Mehjoo

DMWSHNZ v CRC, Upper Tribunal (Tax and Chancery Division)

H Mehjoo v Harben Baker (a firm) and Harben Baker Ltd, Court of Appeal

A woman wishes to buy a property in Florida. She and her husband are 50:50 shareholders of a limited company through which she carries on her trading business. The company is cash rich, so the client is considering a joint purchase of the property

The shares of a trading company are owned by three individuals. One of them wishes to leave. The suggestion is that a new company is formed that will purchase the trade of the existing one and then equalise the remaining shareholdings

A brother and sister own a property they inherited 20 years ago. It has been used by family members and more recently has been let out. To benefit her brother, the sister has suggested she could purchase his interest in the property

A will trust owns and operates the business of a school. The trustees wish to form a limited company, of which the trust will be the sole shareholder, to which the school assets and liabilities will be transferred. Questions of entitlement to incorporation and entrepreneurs’ relief are examined.