In our monthly roundup of tax cases, a FTT decision on ‘period of ownership’ of an off-plan apartment overturned in Higgins, FTT allows new argument not heard in previous appeals in Vaccine Researcher Ltd Partnership and livery business eligible for business property relief
FTT decision on ‘period of ownership’ of an off-plan apartment overturned
In Revenue and Customs v Higgins [2018] UKUT 280 the Upper Tribunal has allowed an appeal against the First Tier Tribunal (FTT) decision, Higgins v Revenue and Customs [2017] UKFTT 236, which allowed an appeal by Mr Higgins against a capital gains tax (CGT) assessment on the sale of a property which was purchased 'off plan'.
On 2 October 2006, Higgins entered into a contract to acquire the lease of an apartment in London “off plan”. Legal completion was to take place when the apartment had been substantially completed. The purchase was completed on 5 January 2010 and he began to occupy the apartment. Then, he entered into a contract for sale of the apartment on 15 December 2011, which was completed on 5 January 2012.
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