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ARTICLE · 22 NOVEMBER 2019

Availability Of PPR When There Is A Delay Between Exchange And Completion Or Buying Off Plan

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In the recent case of Desmond Higgins v Revenue & Customs Commissioners (2019) a taxpayer appealed against the Upper Tribunal's interpretation of the phrase ‘period of ownership'

United KingdomTax
Claire Harris
Claire Harris
Carly Markley
Carly Markley
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In the recent case of Desmond Higgins v Revenue & Customs Commissioners (2019) a taxpayer appealed against the Upper Tribunal’s interpretation of the phrase ‘period of ownership’ in the Taxation of Chargeable Gains Act 1992 s223(1) (the ‘Act’). This section of the Act states that a gain will not be chargeable if the property has been the person’s only or main residence throughout the ‘period of ownership’. But what is the ‘period of ownership’?

Mr Higgins had exchanged contracts on the purchase of an apartment ‘off-plan’ in October 2006 and had paid the second deposit in March 2007. He sold his former residence in July 2007 but, owing to various delays out of his control, was not able to complete the purchase of the apartment until December 2009, and not able to move in until January 2010.

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