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CAPITAL GAINS

foreign sale uk resident

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Hi 

A client of mine holds some shares in a madagascan company, he is planning to sell at quite a gain. My understanding is the gain is worked out in the usual way (he is uk resident) can anyone confirm?

He is also concerned that he might not receive all the money as it is going to be paid in installments, again my understanding is that if all the shares are sold then the full tax liability will be payable and calculated at the transaction date no matter if he is paid in installments can anyone confirm ?

Finally he has asked if he can claim  'bad debt relief' with regards to the tax liability if he doesnt receive all the consideration. Again i am pretty certain he cant - but for piece of mind can anyone confirm?

 

Kind regards

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By jonibarnes
06th Jul 2017 11:08

hmm last point re bad debt?

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By gbuckell
07th Jul 2017 11:37

Yes
Yes - see TCGA 1992 s48 but also look at s279 and s280
Can - see s48(1)

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