No To Retro Tax – Campaign Against Section 58 Finance Act 2008

[AtW]

Jail for tax evasion? Stick to the subjects that you know something about.

Apologies, I forgot that only the people affected by BN66 are the experts on law and tax and everybody else don't understand it

[AtW]

Selling it now generates a CGT liability guaranteed.

So why would HMRC agree NOT to get extra money via CGT??? You can't be serious with such thinking - caught out tax avoider going to HMRC to offer them a scheme that would dodge some other tax, you can't be for real!!!

[CDJ]

ok, thanks for the thoughts. Basically im best off in that case not flogging it at all and telling them to take it off me, then no CGT due. They can take a 2nd charge on it.

However I think its still quite an interesting one and not clear cut, if the crown takes an asset from you but you have to sell it first, does it raise CGT liability. I will be sure to ask HMRC when the time comes before deciding what to do, so for now I will sit on it. Selling it now generates a CGT liability guaranteed.

I'm probably wrong here, but I thought your primary residence was CGT exempt???
HM Revenue & Customs: Capital Gains Tax on property: the basics

[smalldog]

I'm probably wrong here, but I thought your primary residence was CGT exempt???
HM Revenue & Customs: Capital Gains Tax on property: the basics

Indeed it is, but this is an investment property so CGT would be due upon disposal. I wisely put most of my disposable into property a long while back partly to mitigate the risk of getting burnt by all this....THANK GOD I DID!

[Fireship]

Indeed it is, but this is an investment property so CGT would be due upon disposal. I wisely put most of my disposable into property a long while back partly to mitigate the risk of getting burnt by all this....THANK GOD I DID!

Do you have the option to flip it and avoid CGT??

After all that’s what those tax dodging politicians do (and that’s after they’ve paid off the mortgage thanks to taxpayer funded expenses).

[slogger]

Do you have the option to flip it and avoid CGT??

After all that’s what those tax dodging politicians do (and that’s after they’ve paid off the mortgage thanks to taxpayer funded expenses).

i believe if you live in it and declare it your principle private residence then no cgt is due if owned for < 3 years - but best seeing an accountant!

[Fireship]

Be grateful it's not a fascist country where you'd be doing long time in jail for tax evasion.

Firstly avoidance isn’t evasion, even HMRC haven’t sunk to your standards.

Secondly if we we’re living in such a country we might actually be better off as it would seem to imply justice prevails whereas in this country those engaged in evasion are offered amnesty yet legitimate avoidance is subject to punitive measures.

[cheakyp]

So why would HMRC agree NOT to get extra money via CGT??? You can't be serious with such thinking - caught out tax avoider going to HMRC to offer them a scheme that would dodge some other tax, you can't be for real!!!

"Caught out tax avoider". Struggling to know the difference between evasion and avoidance?

Paying into a pension? Then you are avoiding tax.
Do you have an ISA? Then you are avoiding tax.

[flamel]

Moral of this story - don't engage with Trolls - what's the point? They don't know anymore than anyone else but they do enjoy winding you up!

[smalldog]

So why would HMRC agree NOT to get extra money via CGT??? You can't be serious with such thinking - caught out tax avoider going to HMRC to offer them a scheme that would dodge some other tax, you can't be for real!!!

Im very serious, CGT is payable upon you making a GAIN, i.e. profiting from sale of an asset. IF the GAIN goes to the crown, then do you technically make a gain? Forget about the scheme for a moment, if you owe a tax debt but have to sell an asset that would normally incur a CGT liability if you are the benefactor then fine, bit if the crown is the benefactor do the same rules apply?

Its an open question I would like an answer too, Im not saying it is the case, so please dont start judging or assuming Im trying to pull a fast one, I would like an INFORMED answer. I was intending to get professional advice but cant be the only one in this position that used the scheme, so wondered if someone else had already got an opinion. So please.....Go and troll somewhere else....

Have the general forum trolls got nothing better to do?? No newbies to patronise or explain how a one man Ltd company is a legitimate vehicle that doesnt purely exist to avoid paying full tax!!?? haha