Policy paper

Capital Gains Tax: disposals of land and residences for limited liability partnerships and Scottish partnerships

This measure creates a UK-wide level playing field for limited liability partnerships and Scottish Partnerships and was originally announced at Tax Administration and Maintenance Day 2021.

• From: HM Revenue & Customs
• Published: 20 July 2022

Documents

Capital Gains Tax: Allowing relief on disposals of joint interests in land and private residences for limited liability partnerships and Scottish partnerships

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Draft legislation

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Explanatory note

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Details

This is for members in limited liability partnerships and partners in Scottish partnerships who are currently unable to claim Capital Gains Tax Relief on an exchange of interest in land or private residences held, prior to the disposal, by the partnership (in contrast to English partnerships).

This was not the intention of the relevant legislation (The Taxation of Chargeable Gains Act 1992), and the government will therefore amend it.

Published 20 July 2022