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Care is needed
If the vendor enters into a contract whereby he receives a a further sum if at any time in say the following 21 years he receives a further £65,000 if the builder receives planning permission the £65,000 will be assessable immediately. This follows from TCGA 1992 Section 48. The vendor may then have a tax liability a long time (possibly several years) before he sees any money from the builder. If the money never materialises he can apply to have the assessment reduced.
If the granting of planning permission is uncertain it would be more normal for the land to be sold with a condition attached that the vendor should receive a percentage of any future development profit realised by the purchaser. This type of overage payment would be unascertainable contingent consideration, and
1. The value of the the right to receive the contingent consideration (which is a chose in action) would need to be computed and brought into the disposal proceeds for the contract for the sale of the house and land and wouldbe eligible for PRR.
2. If the vendor subsequently receives a sum following a sale by the purchaser to the builder he receives that sum in respect of the chose in action created by the original sale contract. The base cost of the chose is the amount brought into the original sale proceeds at 1 above.
3. the chose is a different asset to the house and land and will not attract PRR.