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The rules that tax certain sales of land include exclusions relating to a person’s main home. These exclusions are not meant to apply where the taxpayer has a “regular pattern” of buying and selling land used as a main home, residence or business premises. A tax policy consultation document, Habitual buying and selling of land, released … Continue reading
The bright-line test came into force on 1 October 2015. When the legislation was at Bill stage it was signalled that the bright-line test was intended to come into force on 1 October 2015, as was the case. GG & GE Blackburn Trustee Limited (the Trustee) is the trustee of the Blackburn Family Trust (the Trust). On … Continue reading
The idea behind the “bright-line” test is a clear rule that provides with limited exceptions (the most important one for most people relating to the sale of the family home) sales of residential property within two years of acquisition will be taxable. However, what comprises an acquisition or a disposal is not always entirely obvious. For example, consider the … Continue reading
Matters of Trust 