Specifically, my client has the following question:
In Greece it is common practice for the contractual value of the transaction to be the objective value of the real estate as determined by the government. The rest of the price is transferred "under the table". For the purposes of UK CGT when he comes to sell in many years, is there a way to incorporate the real price into the cost or would the objective value have to be used?
Replies (3)
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Surely the cost price is the price you paid provided you are happy to explain the circumstances of dodgy money (cash??) to HMRC if asked for proof. I'm sure they'll see the situation for what it is and be helpful
It's not spelt out but presumably the intention is for someone to evade tax by doing this. Does the fact that this would be non-UK tax make it any less a "Suspicious Activity"?