The taxpayer’s amended capital gains tax calculation involving a claim for private residence relief resulted in a claim for overpayment relief, which was refused.
Summary
The taxpayer’s amended capital gains tax (CGT) calculation involving a claim for private residence relief resulted in a claim for overpayment relief, which was refused.
Background
In October 1999, the appellant acquired a 35.29% interest in the beneficial ownership of a flat in London. The acquisition cost was £90,000. The flat was owned by the appellant and her brother. In 2001, extra borrowing was taken out and paid to the appellant, who took on responsibility for the mortgage to the extent of this extra borrowing. This had no effect on her beneficial ownership share of the flat nor any effect on the acquisition cost share of that beneficial ownership share. In 2003, the appellant