What this article doesn't explain is how the recipient is supposed to pay the tax if they are gifted an asset over this ridiculous threshold. I.e. property of £300k given and the Marxists want their pound of flesh. what if the recipient is not cash rich? Are they forced to sell the property to pay the tax?
Absolutely ludicrous policy and given the recent polls I'm glad that they're slowly moving into oblivion.
Just tried the free TSR checker and got different figures to what HMRC have told our client in their November letter.
I appreciate that it would be difficult to say without all of the facts and figures but in general can your checker get 'confused' if there were two chargeable event gains in the 2016-17 tax year?
I have worked out the TSR and anticipated liability manually in conjunction with your 'Its all Gone Pete Tong' article and get back to a figure close to HMRC's revised TSR.
Just wanted to Check.