Can you help reduce capital gains tax and penalty

Can you help reduce capital gains tax and penalty

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We owned 5 properties in a row of 9 terraced town houses. We had 2 knocked into one and whilst the work was happening we lived in another one for a year. The inland revenue have now decided that we should have paid capital gains tax on the 2 properties that we did not live in. ( we used these for storage and sitting in/ keeping animals in or playing in) and also the property that we lived in for a year whilst the builders were knocking 2 properties into one. The temp property also had access to the two knocked into one. The telephone line was installed in there and not moved into the main property. The burglar alarm covered  the newly built house and the temp house. How can we get the inland revenue to see these were special circumstances ( we also owned all of the access land to the properites up to the front door of those we did not own) We have also been given a penalty weighting of 40% is there any way this can be reduced?

Replies (5)

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David Winch
By David Winch
07th Nov 2011 19:18

Pay for advice

This is obviously a complex factual situation.

It's not the sort of thing that is best dealt with by free advice on a board such as this.

Go see an accountant and pay him for decent advice based on a full explanation of all the relevant facts.

David

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By pauld
07th Nov 2011 19:19

thorough review

I would advise you go to see an accountant preferably with the letters CTA after their name and with some experience of negotiating with HMRC.  Theres no simple reply to your question.

Unfortunately the Revenue have caught up with you and so will try and come down hard. Best advice is to seek advice. It may cost you a couple of thousand but an experienced accountant will advise you on any claims and will try an negotiate to reduce the penalty if its not too late.

 

 

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By The Innkeeper
07th Nov 2011 19:59

You have been given

sound advice - please follow it and get expert help asap

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By tsp99
07th Nov 2011 22:12

Help available

I agree with the comments made already.

If you need someone qualified and experienced in this area my firm could do the work.  We are a small tax consultancy based in Surrey doing only tax work for individuals.

Tim Page CTA

[email protected]

01737 887637 

 

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By TaxationPete
08th Nov 2011 10:20

I assume you have disposed of the storage property. Were you paying full rates on the properties. Where are you living now. What was your intention when you purchased these 5 properties. Regards Peter

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