Capital Gains - what happens if the vendor repossesses the asset

Land sold in April 2012, payment in tranches but it looks like the buyer won't be able to pay as development not sold.

 

Vendor (my client) holds first charge over land and will repossess in due course.

 

If the gain is declared in his self assessment return, what happens when he repossesses - do we file amended return or is it settled another way?

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henry williamson |