disregarded capital for 26 weeks (house up for sale)

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  • #38577
    karen501
    Participant

    Can anyone confirm how their LA is dealing with requests to extend the disregarded on property up for sale beyond 26 weeks due to the current housing slump. I understand its our discretion so we can go on and on with the disregard if we want to – but interested to hear how other LA’s are approaching it. Thanks

    #108847
    Kevin D
    Participant

    Just an observation (meant to be constructive): the extended period is not subject to discretion; it’s a matter of judgement (not the same thing). If the clmt is taking “reasonable steps etc” and it is “reasonable in the circumstances” to allow more than 26 weeks, the extension must be allowed. Equally, if one, or both, of the “reasonable” requirements is not met, no extension can be allowed.

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