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Capital Gains Tax

Capital Gains Tax

If an individual sells their only or main private residence, any gain is exempt from tax. This includes the garden up to 0.5 hectares, or a larger area if required for reasonable enjoyment of the residence. If the property has not been an individual’s main residence...
Sale of garden

Sale of garden

Mr Lynes sold his home but kept part of the garden and applied for planning permission to develop it. Four years later, he sold the garden and claimed main residence relief on the sale. The legislation granting main residence relief is written solely in the present...
Capital or revenue

Capital or revenue

One of the terms used regularly in relation to property tax is ‘capital vs revenue’. The distinction is important because revenue costs generally qualify for tax relief when working out your taxable profit each year. On the other hand, additions or...