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  • Tax

    Capital gains to be taxed as income

    "Suppose you buy a house to live in, but also hope it will increase in value whilst you are living in it. I suspect that thet is pretty common. So it could be agrued that one of you main purposes in buying it to make a profit so you should pay income tax on the gains. Would the PPR exemption apply in that case?"

    Peter,

    That's a valid point, but I'm almost certain that even HMRC couldn't argue an income tax liability where somebody bought a home first and foremost as a private residence. This is among the many factors they consider when trying to assess whether a disposal is by way of trade.

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    Writer: Commercial Trust Limited Follow us on Twitter: @CommercialTrust Please note that anything I write is for information purposes only, and not to be construed as advice. Commercial Trust is regulated and authorised by the Financial Conduct Authority. Registration number 610175.

    I doubt that it intended or that they would, but the wording "one of the main purposes" would allow it.

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