Hello everyone,
I need a little advice please?
My client exchanged contracts on a bit of land in February 2021. Competion and payment received in May 2021.
I believe the Capital Gain should be declared on his 5 April 2021 tax return but I can not find anything to definitively support this. Am I correct?
There is no issue from the client.
Many thanks in advance.
Replies (7)
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Exchange which is when you enter into the contract - at least, that’s what I have always understood.
I can not find anything to definitively support this.
The legislation is usually a good starting place - TCGA 1992 s28.