I am hoping someone can help me regarding a problem I am having with CGT.
My client transferred his share of a property to a trust in June 2010 to avoid the increase expected in the CGT at the time (which didn't actually happen)
The Capital gain was then declared on his self assessment and CGT tax paid based on the expected market value and proposed net disposal proceeds when the property is sold.
The property was not then sold until recently and sold for a lower figure than expected.
The disposal was declared on a trust estate tax return and obviously shows a loss.
My question is should the self assessment from 2010 be amended to show the lower sale figure and therefore create a refund since the property was transferred to the trust at a higher value than it eventually sold for or is this a case of he made his choice at the time and therefore has to absorb the loss ??
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.
I would really appreciate any help on this PLEASE PLEASE
Happy to expain the case if the post is not very clear
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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.
