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CGT & the Private Residence written by: David Williams Publisher: CCH Introduction: Updated to reflect recent case law and the FA 2006, the book is a complete resource on the subject and provides answers to many problematic issues. Price: GBP 73.00 Publication Date: December 2006 + Postage and Packaging The price payable shall be the total price specified in the Supplier’s current price list, less any discounts agreed in advance by the Supplier and plus the applicable cost of packaging, postage and delivery ("Delivery Charges") and VAT at the current rate. Cost of packaging, postage and delivery ("Delivery Charges") applied is currently £5.50 for books and £10.95 for packs. + Returns policy Goods offered on a Trial or Money Back Guarantee basis allow the Customer to examine the Goods within the Trial or Money Back Guarantee period (28 days from the date of despatch unless notified otherwise). Customers not wishing to subscribe to the Goods should return them before the end of the Trial or Money Back Guarantee period. Customers failing to return the Goods by the end of the Trial or Money Back Guarantee period will be deemed to have accepted the offer to subscribe and will be liable for payment of the subscription fee invoice. Goods accepted on a firm sale basis, which include Goods purchased online using the Metacharge credit card payment service, do not include a Trial period and customers are liable for immediate full payment of the subscription fee invoice. In the case of online Goods purchased using the Metacharge credit card payment service, customers are required to pay for the Goods before access is granted. The Customer is also responsible for the costs of returning the item(s) to the supplier. For protection, the Customer may want to insure any returned items as the Supplier will not be held responsible for the condition of the items being returned or for lost or misdirected items sent back to the Supplier. In the case of online services Customers wishing to return the Goods under the conditions listed above should return the invoice and/or sales confirmation letter/e-mail with relevant instructions within 7 days of receipt of the Goods. Claims for damaged Goods or partial delivery or complete loss of consignment must be notified within 28 days of the date of invoice. The Customer's refund will be processed and returned to the Customer using the same purchase method used to acquire the Goods. Rate:  0 ratings Audience: Tax Payer ( intermediate , advanced ) Tax Professional ( intermediate , advanced ) Tax Student ( intermediate , advanced ) ISBN: 978-1-84140-840-8

Description

Private Residence Relief is the area of tax legislation that deals with exempting from Capital Gains Tax the proceeds on the partial or complete sale of one's only or main residence.

The rules and HMRC practice in this area can be tricky for the unwary. However, with careful planning they can be combined with other exemptions and reliefs to mitigate or completely avoid capital gains tax liabilities arising. Updated to reflect recent case law and the FA 2006, the book is a complete resource on the subject and provides answers to many problematic issues. It also deals with issues such as second homes; properties abroad and letting to residential tenants.

How it has been updated

The new edition now takes into account:

- Changes about the interaction of CGT private residence relief and holdover relief in Finance Act 2004
- Issues about taper relief for those who use part of their home for business
- The interaction of PPR relief with other reliefs and taxes, especially IHT, which have has been affected by the pre-owned assets rules and there has also been an important case (DOE v Skerritts of Nottingham Ltd) which affects the discussion about caurtilages.

The book will help you again and again with useful information and answers to relevant questions, such as:

- How much of the land held with a house can be sold tax-free?
- Is it always impossible to sell part of a large garden, yet remain in occupation of the house and still pay no CGT?
- Can CGT relief be claimed on a house used for business, on which income tax allowances have been given?
- How much time can be spent away from the home without losing CGT relief?
- What are the implications of a divorce for CGT on the family home?


Comments on the previous edition

"No-one advising on the main residence relief from capital gains tax for private residence should be without a copy of the new 3rd edition of this book. David Williams combines expert technical analysis with invaluable practical guidance enabling practitioners to maximise the value of this very significant relief for their clients." Matthew Hutton, MA(Oxon), FTII, AIIT, TEP

"What I particularly like about David Williams' Capital Gains Tax and the Private Residence is the wealth of practical experience in dealing with property matters and tax which is clearly displayed throughout the text. As would be expected from an author of David's stature, this is a splendidly authoritative publication of which I, for one, shall certainly be making plenty of use." Robert Jamieson, MA, FCA, FTII, Past President, The Chartered Institute of Taxation

Contents

Introduction
The Legislation in Summary
The House Itself
The House and its Surroundings
The Multiple Owner
The Absentee Owner
The Business User
Trustees and Personal Representatives
Martial Breakdown and the Private Residence Relief
Miscellaneous Problem Areas
Interaction with Other Reliefs and Taxes
Appendices
Indexes

PEOPLE WHO BOUGHT THIS BOOK ALSO BOUGHT

• Tax On Property

• Capital Allowances 2009-10

• Tolley's Capital Gains Tax 2007-08 (Main Annual)

• British Tax Guide: Inheritance Tax

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AUTHOR(S)

• MA, FTII David Williams

  David E Williams, MA, FTII, was Tax Technical Partner of Smith & Williamson, Chartered Accountants, from 1987 until 2002, and until his recent retirement, iwas now a Consultant to the firm. He is a former Council member of the Chartered Institute of Taxation and a former chairman of its Capital Taxes sub-committee. Before joining Smith & Williamson, he spent 15 years with the Inland Revenue, latterly as a Senior Inspector of Taxes.

PUBLISHER

CCH
CCH enjoys a unique position within the tax, accountancy and business management marketplace. As a leading service provider to the profession we have an unrivalled view of our customers' needs because we produce and deliver solutions that match your individual requirements — from information to training to software.