The Revenue served the bill after concluding that the man did not qualify for a CGT dwelling house exemption after finding that he had a beneficial interest in several houses at the time of his mother’s gift.
The man owns one third of a property company with his two brothers, and the firm “holds a large portfolio of properties”. The matter at issue in the appeal related to whether the man was, at the date of the gift of the property, beneficially entitled to any other house or to any interest in any other house.
The man argued to Revenue that any beneficial interest he had in the property had ceased on the sale of the property to the company. In response, Revenue stated that he had an interest in the property, then transferred that to the company owned by himself and his family, “essentially retaining it on a leash, but presenting to the respondent that he has no interest in the property”.