Disposal at below market value and CGT?
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simmonds
Apprentice
Joined: 08 Aug 2005
Posts: 4
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 Posted: 01/07/08 - 05:26 Post subject: |
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| Hello. I have sold a house for about 15% below market value because I was in a hurry and I needed money as fast as I can get. The problem is that HMIT are trying to tax me according current market value of this property. I do not know what to do in this case. Can I convince them why I had to sell it like this? |
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bogey
Apprentice
Joined: 14 Sep 2004
Posts: 14
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| Posted: 02/06/08 - 02:55 Post subject: |
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| Hello. This is a strange issue. But I have to ask you one thing first. Was this truly unconnected arms length disposal? If it is then I think they do not have a case against you because you can sell your property below market if you wish. However, hire a good lawyer. It is possible you will need him. |
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