It has always seemed that the exemption from CGT for the main residence was one of those things so ineluctably British that nobody could ever meddle with it, even
HM Revenue & Customs have announced the targets of their latest Task Force.
It's just amazing how many queries come up on the PPR exemption for main or only residence. Just as you think you've heard them all, along come another truckload!
Further to a recent question of mine, I have been tasked with finding a way around the 28% rate of CGT for a client of mine who wishes to dispose of his entire residential letting portfolio.
Back in 2011, a husband and wife client incorporated their partnership (estate agents) and a goodwill figure of £60,000 was accepted by HMRC in response to our Post Transaction Valuation Check.
I have a client who has owned and run a residential lettings 'business' for some thirty years. The portfolio consists of six properties, and totals 14 lettable units.
I have been approached to act for a client whose previous advisors valued future soletrader music royalties as Goodwill and disposed of this Goodwill to Newco Ltd, a close company.
Working out how much capital gains tax (CGT) is due on the goodwill of an accounting firm that has been sold can be tricky, but a recent tribunal may help.
I have a query regarding the 'new rules' on cap on loss reliefs.