United Kingdom Tax Agency Updates Guidance on Capital Gains Taxation of Land, Buildings

The United Kingdom HM Revenue and Customs Jan. 4 updated guidance on capital gains tax liability when reporting disposals of land, including leases, compulsory purchases, and valuations. The guidance is updated to specify that capital gains tax applies on compulsory land purchases, with the date of disposal dependent on the method of acquisition. Topics covered include: 1) capital gains tax liability for the disposal of land or any interest in land, with special rules; 2) leases, including the grant of long and short leases, with calculations for part disposals; 3) lease extensions and capital gains implications; 4) compulsory purchases, including ...