Tax Forum :: Free Tax Advice

can anyone with three questions please?


1. If a property company sells a property for £1 million, you would expect to see that £1 million under disposals in the relevant financial year (or would it be just say the profit or loss?).


2. If you know the £1 million proceeds had not been paid out, you would expect to see that in cash at bank, wouldn’t you?


3. Would the answer to either be different, if the property had been held on trust for a third party?

1. Depends if the property was fixed or circulating capital.

2. Not necessarily.

3. Yes. It wouldn't be anywhere in the accounts.