A note is your friend. Write something that during the year the charity failed to recover £x re Y and as accounts are prepared on a R & P basis this is not reflected in the accounts. If you really like you can give them a comparative.
(When a Treasurer of a charity I used to write a note re the raffles we held as there was never a cost re the prizes in the R & P as all were donated and I thought this ought to be made clear )
No idea if a JV, and really doubt it was mere contractual agreement between parties given property involved, I strongly suspect there was some property conveyancing involved but short of reading whatever was framed/investigating land registry and doing a heap of work I have no idea.
I have enough to do today trying to work out how a shared cost unblocking a tenement drain gets split when titles say by relative feu duties and nobody has a clue what they were- I suspect it will end up 8 properties in the block, we own 4 so we pay half)
I love legal title issues, I am even getting reasonably good as a non solicitor, but only re Scottish Property (Last year I even treated myself to a textbook re Scottish Property Conveyancing)
One issue is the demolition, that means the asset purchased for £300k , certainly in part, does not exist at this later date of disposal, accordingly is that wholly claimable against the proceeds re CGT ?Does title endure from original purchase and for what? Is there a freehold, what happened with it? Does each have leasehold interests re the 10 flats conveyed to each?
Secondly, the JV in some sense maybe created a partial disposal of the asset, how was that dealt with re tax at the time?
How was title passed to the developer re his/her 10 flats, surely that was some sort of disposal?
I would revert to the legal agreement re the JV and cross check with the property conveyancing, I suspect a solicitor might be needed.
I go with it being generational on this issue :- I still send them a telegram or carrier pigeon advising them when I might call on Mr Bell's new invention. (Could of course send my valet round and advise when I might call on them)
There is a thread in here for "worst interviews ever"
I have two- first was as a school leaver, I had a friend who was a S & N pub stocktaker and it seemed cushy, he did one visit in morning was sitting in bar by lunchtime, job done.
So I went for interview with some crowd in York Place, Edinburgh, not too bad, it was pouring rain but I travelled by bus, no umbrella, at 18 nobody thought of umbrellas, so quick dash, still not too damp at which juncture a vehicle sprayed me with dirty water from a puddle. Still, a bit of time in hand, get in, wipe dampness from face, all okay. Catch was I went in to get dry, called straightaway and sat with water dripping down from my hair onto my shirt- did not get job.
The other that I thought was going pear shape was Hodgson Impey.
Turned up in Glasgow late summer ,I was likely a sub for someone who had failed their Uni exams and could not take up their place, interviewed by Mr Nairn, senior partner, who had difficulty not sounding like a heavy from Taggart to my delicate Edinburgh ears (Actually, really pleasant individual but initially I was petrified)
I sat across from him at this very large desk, files stacked to the left of me, files stacked to the right, an aperture across between us through which which he glowered (maybe he smiled but if felt like a glower).
A "do you smoke" question , when I said yes he threw his B & H across to me, then told me I was too old for an apprenticeship (just 25), then said, "why do we do bank reconciliations?" I mumbled about ensuring the bank was square /timing differences and then he growled, "No, to detect fraud"
I was pretty sure this one was also a dud but strangely I got the position, they must have been desperate.
My answers
What is the tax value of the half share he inherits from his mother, surely it rebases at her death?
A note is your friend. Write something that during the year the charity failed to recover £x re Y and as accounts are prepared on a R & P basis this is not reflected in the accounts. If you really like you can give them a comparative.
(When a Treasurer of a charity I used to write a note re the raffles we held as there was never a cost re the prizes in the R & P as all were donated and I thought this ought to be made clear )
No idea if a JV, and really doubt it was mere contractual agreement between parties given property involved, I strongly suspect there was some property conveyancing involved but short of reading whatever was framed/investigating land registry and doing a heap of work I have no idea.
I have enough to do today trying to work out how a shared cost unblocking a tenement drain gets split when titles say by relative feu duties and nobody has a clue what they were- I suspect it will end up 8 properties in the block, we own 4 so we pay half)
I love legal title issues, I am even getting reasonably good as a non solicitor, but only re Scottish Property (Last year I even treated myself to a textbook re Scottish Property Conveyancing)
So, a company to company loan?
One issue is the demolition, that means the asset purchased for £300k , certainly in part, does not exist at this later date of disposal, accordingly is that wholly claimable against the proceeds re CGT ?Does title endure from original purchase and for what? Is there a freehold, what happened with it? Does each have leasehold interests re the 10 flats conveyed to each?
Secondly, the JV in some sense maybe created a partial disposal of the asset, how was that dealt with re tax at the time?
How was title passed to the developer re his/her 10 flats, surely that was some sort of disposal?
I would revert to the legal agreement re the JV and cross check with the property conveyancing, I suspect a solicitor might be needed.
https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm40955
I go with it being generational on this issue :- I still send them a telegram or carrier pigeon advising them when I might call on Mr Bell's new invention. (Could of course send my valet round and advise when I might call on them)
It is.
There is a thread in here for "worst interviews ever"
I have two- first was as a school leaver, I had a friend who was a S & N pub stocktaker and it seemed cushy, he did one visit in morning was sitting in bar by lunchtime, job done.
So I went for interview with some crowd in York Place, Edinburgh, not too bad, it was pouring rain but I travelled by bus, no umbrella, at 18 nobody thought of umbrellas, so quick dash, still not too damp at which juncture a vehicle sprayed me with dirty water from a puddle. Still, a bit of time in hand, get in, wipe dampness from face, all okay. Catch was I went in to get dry, called straightaway and sat with water dripping down from my hair onto my shirt- did not get job.
The other that I thought was going pear shape was Hodgson Impey.
Turned up in Glasgow late summer ,I was likely a sub for someone who had failed their Uni exams and could not take up their place, interviewed by Mr Nairn, senior partner, who had difficulty not sounding like a heavy from Taggart to my delicate Edinburgh ears (Actually, really pleasant individual but initially I was petrified)
I sat across from him at this very large desk, files stacked to the left of me, files stacked to the right, an aperture across between us through which which he glowered (maybe he smiled but if felt like a glower).
A "do you smoke" question , when I said yes he threw his B & H across to me, then told me I was too old for an apprenticeship (just 25), then said, "why do we do bank reconciliations?" I mumbled about ensuring the bank was square /timing differences and then he growled, "No, to detect fraud"
I was pretty sure this one was also a dud but strangely I got the position, they must have been desperate.
https://www.mandg.com/wealth/adviser-services/tech-matters/investments-a...