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.
- Has HMRC got powers to do this? 41 1
- New Client in dispute with old accountant 475 10
- Declined for business bank account 257 6
- Any Scottish members out there? 7,636 284
- Help with Mortgage Application? 487 7
- planning to be self employed bookkeeper what do i need to do before i start? 191 3
- Disclosure of pending convertible loan notes? 214 10
- Standard 'email' template system 883 14
- Shutting down a company with creditors 1,030 14
- How to complete annual VAT return online? 222 4
- Irish VAT Deferred payment 97 1
- Circular shareholding 239 6
- Starting as sole trader from abroad 196 6
- business card address 315 8
- VAT relief eligibilty for charity buying minibus 214 2
- Loan to a related company 113 1
- Artificially reducing profits by bonus accrual 665 26
- Repairs after a rental business ends 340 10
- Can anyone recommend a good document scanner? 278 8
- property rental income split 141 1
- Raiders of the Lost Tax File 1,116
- Chartered Accountant in County Down N.Ireland 368
- IPP (International Pension Plan) income 300
- National Insurance 269
- valuation of intangible asset FRS10 and FRS20 240
- Payments on account coded out?? 230
- Cass 5 FCA Client Money Software recomendation 224
- Non Resident 188
- Unnecessary S9A Enquiries 185
- Franchise income and costs 180