I know what it seems like, I have an affinity for tax evasion. This is different, I promise.
A certain piece of land was bought 15yrs ago. Due to unspecified reasons, the buyer and seller have not had the urgency to process title deed transfer; since anyway, they became neighbours after the sale.
An issue has now arisen that requires the urgent transfer of the title, to the said buyer. When the half acre was bought in 1999, it was worth 100k. Right now the market rate is around 2-2.5M. Problem is, capital gains tax which came into effect 1st January, carves out 5p.c after valuation. This may mean parting with about 100k if current price is to be used. Which is clearly unfair, considering that is equal to the amount that actually changed hands 15yrs ago.
Question, is capital gains tax applicable in this case? If so, on which amount? Who knows somebody?
The overweight woman sitting at the lands office had the audacity to lie to the elderly buyer that the tax is 10p.c
A certain piece of land was bought 15yrs ago. Due to unspecified reasons, the buyer and seller have not had the urgency to process title deed transfer; since anyway, they became neighbours after the sale.
An issue has now arisen that requires the urgent transfer of the title, to the said buyer. When the half acre was bought in 1999, it was worth 100k. Right now the market rate is around 2-2.5M. Problem is, capital gains tax which came into effect 1st January, carves out 5p.c after valuation. This may mean parting with about 100k if current price is to be used. Which is clearly unfair, considering that is equal to the amount that actually changed hands 15yrs ago.
Question, is capital gains tax applicable in this case? If so, on which amount? Who knows somebody?
The overweight woman sitting at the lands office had the audacity to lie to the elderly buyer that the tax is 10p.c
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