I had been renting a workspace for over 5 years when the building was sold and the new owner wanted to vacate it to redevelop the site. I held no formal lease, just paid a monthly rent, but because of the length of my occupancy I had a legal right to a new lease, or compensation. I did then receive money in exchange for vacating the premises; the legal document pertaining to this transaction calls it 'compensation for disturbance'.
Is there capital gains tax due on this, and if yes, what can I offset against it? How does one quantify losses arising from the sheer hassle of moving, not having workspace for a while, etc?
Has anybody come across a case like this?
Is there capital gains tax due on this, and if yes, what can I offset against it? How does one quantify losses arising from the sheer hassle of moving, not having workspace for a while, etc?
Has anybody come across a case like this?