I am hoping someone can help me regarding a problem I am having with CGT.
My client transferred his share of property and land to a trust in June 2010 to avoid the increase expected in the CGT. The Capital gain was then declared on his self assessment and CGT tax paid based on market value and proposed net disposal proceeds
Lot A - 577,500
Lot B - 212,500
790,050
Less Costs 254,820
535,230
Less Allowance 10,100
525,130 CGT @ 18% = 94,523.40
Lot A sold in Dec 2010 for 577,550 the expected amount and the figures used when calculating the CGT
Lot B sold in 2013 for 193,500 lower than the 212,500 which was used when calculating the CGT.
The disposal was declared on a trust tax return showing the loss.
My question is can this loss be recouped ? Can the self assessment be amended to show the lower sale figure of lot B and therefore reduce the amount of CGT to be paid and create a refund.
I would appreciate any help as this is not an area I am familiar with but a case I have been left with by an accountant who provided figures for me to submit the self assessment but is not willing to assist any further despite receiving the fees for CGT work carried out. I am of course keen to ensure my client receives any refund he is due.
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
