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Where Taxpayers and Advisers Meet

CGT-Is father liable to pay as 3rd owner?

Jools
Posts:1
Joined:Wed Aug 06, 2008 3:37 pm

Postby Jools » Mon May 15, 2006 6:36 am

Hello
I would dearly love some advice on the following:-
My father inlaw is on our deeds and mortgage. He did this to help us get on the property ladder as our salaries were not sufficient at that time (4 years ago).

He has not paid anything towards our mortgage. He own's his own home and does not and has not ever lived with us.

We now want to sell our house and purchase another but we have made about £85,000 of equity -which will ALL go into the purchase of the new house.
Is my father in-law liable to pay CGT?
Even tho he himself has made no profit AND has never contributed towards the mortage etc etc.
If anyone can throw some light on this, I would be most grateful.
Thank you

CDavey9501@aol.com
Posts:513
Joined:Wed Aug 06, 2008 3:13 pm

Postby CDavey9501@aol.com » Mon May 15, 2006 8:44 am

It looks like he is not a beneficial owner and so would not be liable for CGT. Best get some advice though.

CWatters
Posts:30
Joined:Wed Aug 06, 2008 3:37 pm

Postby CWatters » Mon May 15, 2006 2:37 pm

I'm sure I've seen this same issue raised in the newspapers. It will catch out a lot of people over the coming years.

It does depend on who owns the property. If he owns a share then he might well be liable for tax on a share of the gain. If he was simply a gaurantor on the mortgage then probably not. Ask your solicitor about this and if he is unsure see an accountant.

pallet
Posts:49
Joined:Wed Aug 06, 2008 3:25 pm

Postby pallet » Wed May 17, 2006 5:19 am

[ Earlier discussion between pallet and King Maker has been removed. Editor ]
Thank you, K Maker I am advising T/Ps of the facts in front of me there is no complaint procedures. I followed them (putting things right)first to the hmit then to the area director. He wrote to the HMIT who I was dissatisfied with and asked for a steer from him on how to reply.The hmit told him to" send him a one liner he would deal" with my complaint.I then went to the region director and when the hmit heared this he ordered peterbough "to alert all region not to advise me or give me any tel no where I could get advise".He also siad "if they recieve any anonymous calls to do the same in case its me".If anyone needs to see these revenue docs king maker please post a address and I will be please to send them. The piont hear is clearly if I can be mis-treated as you put in this, and other ways this forum should be advised of the facts, do you not think so instead of the old believes that the taxman plays fair. I am sorry but I am sure you do not think the public should be keep in the dark about our public servants and the way they work.I hope the facts I hold will help other T/Ps in their quest to only pay the correct amount of tax no more or no less and do not get bullied by a HMIT as jools appears to be at the moment I am sorry for going on and good luck to jools

King_Maker
Posts:6538
Joined:Wed Aug 06, 2008 3:22 pm

Postby King_Maker » Thu May 18, 2006 9:37 am

I assume you have been given, or have read COP1. If not, there is a copy on HMRC's website.

The various options (in no particular order) :

1. Appeal Courts.

2. HMRC's office hierarchy.

3. Adjudicator's Office.

4. Ombudsman.

5. Local MP.

6. ECJ via lower courts.

7. Accountant's Professional Body.

pallet
Posts:49
Joined:Wed Aug 06, 2008 3:25 pm

Postby pallet » Thu May 18, 2006 1:34 pm

Thank you king maker I am concerned that you think I do not Know about COP1, everybody is sent this.I have been to hierarchy and was told I could have a independant review but then the hmit changed it to an internal one so I could not see its finding.What I am trying to tell this forum is it is a waste of time complaining and if you have read my previous post you can see why. If you appeal against the commissioners findings you have no right to put new evidence in.Therefore if the HMIT witholds evidence and has told lies to the comissioners it makes no difference as the appeal is on what the comissioners found on what was put in front of them.That is why I want to inform this forum that all is not as it seems.The hmit knows this but most T/Ps do not, so the DPA should be looked at before the comissioners meeting .The local MP puts you with the ombudsman who tells you to go to the adjudcators office first. I have been there for over nine months because they are snowed under so they tell me.All this does not stop the hmit taking T/Ps to court for tax that is not owed ,collecting their wages in interest and penalties .If you turn to your accountant who will charge sometimes more than the tax,he will always side with the revenue for a quite life..Have i covered everything king maker? What i have found is that no one wishes to take onthe establishment and ordinary T/Ps cannot afford to.If the editor or anyone wishes to receive any documents that i have received from the revenue please post your address as I take full responsibility for what I write and if any HMIT wish to challange what I say please do so, because at present the ones i write to are refusing to do so

webmaster
Site Admin
Site Admin
Posts:130
Joined:Wed Aug 06, 2008 1:41 pm

Postby webmaster » Fri May 19, 2006 12:03 am

King_Maker and pallet. This discussion is off-topic with regards to Jools' question. Perhaps you could start a new discussion entitled "HMRC complaints procedure" or similar.

Regards,
Martino Matijevic
TaxationWeb Ltd.

pallet
Posts:49
Joined:Wed Aug 06, 2008 3:25 pm

Postby pallet » Fri May 19, 2006 12:11 am

I make you right and apologise


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