CGT on deferred consideration
Client sold land in 10/11.
The contract included £60,000 which would be paid contingent on there not being contamination of land which the buyer was developing. ie if extra work in removing the contanimation was £40K then the seller would receive £20K.
The full 60K was received in 11/12, there has been no withold of this retention.
When should this 60K be taxed.
I think 10/11 on the basis that it's ascertainable. It's not a Marren Ingles thing as it's known but the "60K when condition is met" is muddying my thinking.
- RTI Basic tools save function 74 1
- Best Auto Enrollment Provider for clients DIY 121 4
- Large director's pension contribution 491 6
- Car benefit or not? 2,416 22
- Charge for tax returns 405 10
- What would you do here, potential insolvency. 1,624 19
- Company car and the new dividend tax rules 66 1
- Auto Enrolment - Help each other by sharing known problems 673 9
- Non reporting RTI - penalties 444 6
- Limited company built a property and the client has made this messy 591 13
- Support / ticketing software 175 8
- New (non resident) client not filed in 20 years 417 8
- Transfering bank balnces between old and new co. 426 11
- Annual Return for company for whom director/shareholder has died 291 9
- HP agreement in Directors name but payments under company 232 6
- interest in client bank account 178 3
- Childcare voucher scheme for a director earning the minimum amount 271 13
- Landlord expenses incurred looking for new properties 335 6
- Legal structure of a group of friends producing a free newspaper 609 14
- Company Number 10000000 887 11
- Self employed and HMRC Worldwide Subsistence Rates 780
- Interest paid - do new rules affect Tax Credits? 464
- Market Invoice (P2P invoice discounting) tax treatment 280
- DTA tie-breaker issue 273
- CGT for NOn UK residents 236
- Apprenticeship Levy 209
- What are the tax implications of overseas sales through a UK based company? 202
- Just checking re PSA 187
- Capital Gains personal representatives 186
- Tax Implicatins on a Directors Loan 181