What is the definition of a residential property interest for the higher capital gains tax rate?
TCGA 1992, Schedule B1 defines what is meant by a UK residential property interest. An interest in UK land that has, at any time during the relevant ownership period, consisted of or included a dwelling is a UK residential property interest. Notably, the contractual right to acquire a UK residential property ‘off-plan’ is also included.
The meaning of a ‘dwelling’, given by TCGA 1992, Schedule B1, para 4, is any building that is either used or suitable for use as a dwelling, or is in the process of being constructed or adapted for such use, including the grounds in which the building is situated. However, where a building is used for certain purposes (e.g. as residential accommodation for school pupils or members of the armed forces etc) it is not considered to be a dwelling for the purposes
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