• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Tax

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • 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?
    Tags: None

  • #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]
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

    Comment


    • #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,.*

      Comment

      View our Terms and Conditions

      LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

      If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


      If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
      Working...
      X