Lam v Revenue and Customs Commissioners

Capital gains tax – Disposal of assets. On the evidence, the property in question had not been the taxpayer's 'only or main residence' within the meaning of s 222(1)(a) of the Taxation of Chargeable Gains Act 1992 with the result that the taxpayer was not exempt from capital gains tax (CGT) by virtue of the principal private residence relief provisions contained in s 222. Consequently, the First-tier Tribunal (Tax Chamber) dismissed the taxpayer's appeal against a closure notice issued by the Revenue and Customs Commissioners against her for CGT arising on the sale by the taxpayer of that property. The FTT further dismissed the taxpayer's appeal against a penalty determination raised under Sch 24 to the Finance Act 2007 for the submission of an incorrect tax return.

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