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late claim for holdover relief

late claim for holdover relief

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Just approached by a new client who sold his business recently and I am engaged to calculate the CGT etc etc and file self assessment appropriately. No problem with that but in going through the details, it has also emerged that previous accountants transfered shares inter spouse 6th April 2012 but have never filed a claim for holdover relief which should have been in 5th April 2017 I believe. Not sure of the ramifications of that, the spouse worked in the business full time so it was an income equalisation excercise to save some income tax. Can a hold over relief form be sent in late? What is the best course of action?

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By KevinMcC
20th Nov 2017 15:35

If it's an inter-spouse transfer then I believe the no gain no loss rules at TCGA 1992 s58 ensure that they inherit each others base cost and so there would be no need for a holdover relief claim.

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By Portia Nina Levin
20th Nov 2017 15:41

Transfer between husband and wife you say... Late holdover claim... Hmmm? How much gain was there to hold over?

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Replying to Portia Nina Levin:
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By Dib
20th Nov 2017 16:28

Where is that ROFLMAO button when you need it!

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Replying to Portia Nina Levin:
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By davebrown123
20th Nov 2017 16:32

£250,000!

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Replying to Portia Nina Levin:
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By davebrown123
20th Nov 2017 16:53

just discovered they weren't actually married at that time, they married later in the year! Great!

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