I have a query for ATED related CGT.
The company is a property developer and has three residential properties within ATED scope. The relief was claimed for the property developer each year. There was no ATED charged.
When the company dispose these properties one by one within 2018-19, can the company claim property developer relief for each disposal? Therefore the company will only pay CGT rather than ATED related CGT.
If the company can claim the relief for the disposal, should the company claim the relief for each disposal or the company can claim the relief one for all these properties, which is similar with the relief claim for ATED charge each year?
Thank you very much.
Accountant
Replies (2)
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Since fundamentally revenue income cannot be taxed as chargeable gains, I doubt ATED-related CGT is an issue at all here, since it's outwith CGT. See:
https://www.taxadvisermagazine.com/article/homes-under-tax-hammer
Heavens above, I agree. There is no need to consider relief from CGT if the transaction is outside the scope of CGT.