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Max ceased trading two years ago, and is now about to move overseas. He would like advice on the capital gains tax (CGT) implications of the disposal of two assets previously used in his unincorporated business, and the inheritance tax (IHT) implications of gifting one of them.
Max: – Has always been UK resident and domiciled.
– Is widowed and has one daughter, Fara. – Is a higher-rate taxpayer. – Makes disposals each year to use his annual exempt amount for capital gains tax.
– Has made one previous lifetime gift to Fara on 6 May 2015, which resulted in a gross chargeable transfer of £194,000. Max – unincorporated business:
– Max operated as a sole trader for many years, but ceased trading on 31 May 2016. – Max still owns office premises and a warehouse which had been used exclusively in his business until 31 May 2016.
– Max now wishes to dispose of these buildings prior to moving overseas. Proposed gift of the office premises:
– Max is proposing to gift the office premises to Fara on 30 June 2018. – Max acquired the premises on 1 April 2010.
– Since 1 June 2016, the premises have been let to an unconnected company.
– The market value of the premises in June 2018 is £168,000, which exceeds the original cost. Max – move overseas:
– Max has decided to move overseas for a period of two and a half years commencing on 1 November 2018. – Max does not intend to return to the UK at all during this period. – Max will return to live permanently in the UK on 30 June 2021.
– Max is not entitled to use the split year treatment for determination of his residence status in any tax year. Proposed sale of the warehouse:
– The warehouse was acquired on 1 August 2014 for a cost of £72,000.
– On 1 December 2013, Max had sold a small showroom for proceeds of £78,000, which gave rise to a chargeable gain of £16,000.
– Max made a claim to defer the gain against the acquisition of the warehouse.
– Max has received an offer of £84,000 for the immediate sale of the warehouse in June 2018.
– An alternative buyer has offered £90,000 for the warehouse, but will not be able to complete the purchase until June 2019.
Required: (b) Explain the effect of Max’s period of living overseas on his UK residence status for all relevant tax years, and advise him of the CGT consequences of the sale of the warehouse (1) in June 2018, or alternatively (2) in June 2019. Note: No calculations are required for this part. (6 marks)
