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  • Tax - Exchange of joint interest relief claim
    Exchange of joint interest relief claimIf you swap a joint interest in land or buildings to rationalise your ownership for no proceeds, you may be able to defer a capital gains tax charge.ReliefWithout any form of relief on any reallocation of interests, capital gains tax would arise in respect of the interest given up, with the consideration being the value of the interest obtained. It may be, however, that no cash actually changes hands.HMRC introduced a relief in 1984 which was replaced for exchanges taking...
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  • Tax - Claim for s.243 small part disposal relief
    Claim for s.243 small part disposal reliefIf you are forced to sell your land to a local authority under a compulsory purchase order, you could benefit from an expanded form of small part disposal relief.Part disposals - generallyWhen you make a part disposal of land you usually work out the taxble gain by apportioning the base cost of the total holding between the plot sold and the remainder using the formula:Total allowable expenses x A/(A+B)where A is the proceeds received for the plot sold, and B is the...
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  • Tax - Claim to adjust base cost for part disposal of land
    Claim to adjust base cost for part disposal of landWhen selling a small part of a piece of land you are still liable for capital gains tax (CGT). However, if conditions are met, you can make a claim under s.242 Taxation of Chargeable Gains Act 1992 to deduct the sale proceeds from the base cost of the land instead of treating it as a sale of CGT purposes.Disposing of landLand is a chargeable asset for CGT purposes which means when you sell or transfer it, you need to calculate if you've made a gain or a loss....
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