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Tax

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  • Tax

    I was made bankrupt back in 2009 I lost my home and everything I owned , 2014 I received a letter from the Tax man saying they had received 32000 from the trustees, I enquired what was going to happen to it as I didn't owe HMRC any money they eventually came back to me to say they were keeping it as capital gains tax on the sale of my flat , although I hadn't made any gain ? Is this correct?
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  • #2
    It is impossible to say if it is correct without all the information -* however if your flat was not your main residence and there was an increase in value between when you purchased it and when the Trustees sold it there would have been a CGT liability.*

    https://www.gov.uk/tax-sell-property

    https://www.insolvencydirect.bis.gov...art8/Part8.htm

    77.55 Capital gains in a bankruptcy Although assets vest in the trustee on appointment, this does not constitute a disposal for capital gains tax purposes [note 3] . If the trustee disposes of assets, any gains on disposal are liable to capital gains tax and the tax is payable as an expense in the bankruptcy, in due order of priority [note 4]
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    • #3
      It was my main residence,* I pointed this out to the HMRC and they said in a bankruptcy case there would be CGT to pay,.*

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