Looking for a pointer from fellow tax professionals on this.
I don't have nitty gritty detail on this yet, but pointers where to look would be handy.
Sale of shares takes place, with consideration agreed by instalments. Assume that CG declared and ER claimed in the year of disposal.
Purchaser defaults on payment, and so shares are repossessed by seller. No monies are returned, and so the original seller is better off by the value of the payments made plus any increase in the value of the shares.
Assume that we are talking about substantial sums. What are (or where can I find) the CG and IT position for the seller (including ER/withdrawal etc)?
I haven't seen the SPA, and so don't know what conditions regarding final ownership were etc. i.e. Whether or not there was a clause that only transferred ownership on the final payment. Assume straightforward contract for the moment.
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