I have been asked a question - a lady owns a property (investment) which she wishes to sell (as she is losing money). She would like to run a competition to get rid of the property - presumably only if she sells enough tickets. My gut feeling is that there are two transactions - running a competition at a profit (tax and ni on any profit) and a seperate capital gains tax transaction (for zero proceeds?). Hmm not sure.
The question is - what are the tax implications?
can anyone answer this one; thanks, Nick