LOL was exactly what I thought. Pressure is building. MTD is becoming a political hot potato. When it becomes another stick with which to hit May, you have to wonder if she will start to regret the day that Weasel Osbourne opened his trap about it in the first place. LOL indeed.
No definite date yet mikesole, but we have been led to believe it will be in January. According to MP Matt Hancock the results will be published 'shortly'...
To be fair Hancock has little or no knowledge of when the response will be forthcoming or what MTD means to small businesses either. As a salaried MP why should he? His Wikipedia Parliament summary makes good reading. Hypocrite, careless and disorganised. https://en.wikipedia.org/wiki/Matthew_Hancock
Just saying!
I'm inclined to agree with the above, but there's scant information to enable a conclusive response. The OP haasn't told us exactly what the £25k was for. Inferences can be drawn from the question, but advice based on inferences can be dangerous.
Thank you Ruddles
The £25,000 was a payment which was made to my client as the buyer managed to get change of use from industrial to residential. It was written in the contract but an amount was not specified.
Thanks, DJKL I've just seen that. Looking at a piece in Taxation last year it says that overage generally is assessed to income tax. I cannot see in what situations it wouldn't be. I can see that it isn't the sale of the land itself but rather the sale of a contingent consideration, although unquantified.
I would have thought this type of transaction would be quite common but cannot seem to find a straight answer.
Tim's point is that none of the nil-gain/nil loss provisions apply. Your client has just made a loss, which is a different thing entirely.
Thanks Portia. So as there is a loss there are no grounds for appeal. If I restrict my clients solicitors costs claimed I can make it a nil loss/nil gain.
Or am I not getting it?
My answers
LOL was exactly what I thought. Pressure is building. MTD is becoming a political hot potato. When it becomes another stick with which to hit May, you have to wonder if she will start to regret the day that Weasel Osbourne opened his trap about it in the first place. LOL indeed.
To be fair Hancock has little or no knowledge of when the response will be forthcoming or what MTD means to small businesses either. As a salaried MP why should he? His Wikipedia Parliament summary makes good reading. Hypocrite, careless and disorganised. https://en.wikipedia.org/wiki/Matthew_Hancock
Just saying!
I once had to give our business fax number and state that I would stand and wait for the number to be faxed on 31st January.
Thank you Ruddles
The £25,000 was a payment which was made to my client as the buyer managed to get change of use from industrial to residential. It was written in the contract but an amount was not specified.
Thank you michaelblake
I will do some research regarding a "chose in action" which I did see in my travels round the guidance.
Thanks, DJKL I've just seen that. Looking at a piece in Taxation last year it says that overage generally is assessed to income tax. I cannot see in what situations it wouldn't be. I can see that it isn't the sale of the land itself but rather the sale of a contingent consideration, although unquantified.
I would have thought this type of transaction would be quite common but cannot seem to find a straight answer.
I am now getting it.
Thanks Portia
Thanks Portia. So as there is a loss there are no grounds for appeal. If I restrict my clients solicitors costs claimed I can make it a nil loss/nil gain.
Or am I not getting it?
It's a non resident person Tim. The remaining 50% was held by the UK resident offspring.
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