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Property Taxation Problems

One of the primary services offered by PTS is problem solving, this is generally where a client has become involved in a property transaction, or circumstance, which has had unforeseen or unintended consequences. The way most taxpayers realise there is a problem is if their company or transaction is placed under enquiry, or if they receive a letter from an HMRC Compliance Officer, often accompanied by a demand for a payment of additional tax. Examples of ‘problems’ are;
  • The values returned, or reliefs claimed for IHT [probate] purposes have been challenged by HMRC /CTO.
  • The base [or disposal] values used to calculate a capital gain are subject to HMRC challenge
  • HMRC dispute whether works are repairs or improvements.
  • The value of the property asset transferred for SDLT, particularly where a going concern is involved, is under enquiry by ST.
  • Because HMRC dispute the extent of your residence for capital gains tax purposes and how much qualifies for relief from tax.
  • Your claim for capital allowances is disputed as are the proper amounts claimable.
  • An HMRC claim that more tax is due from any property transaction, transfer or gift.
Many of these problems can be prevented by prior planning, but many cannot as HMRC are becoming more aggressive in their ‘fight’ against tax evasion, which is illegal and their struggle with tax avoidance which is not. Further information can be obtained from the Taxation section above, but if the answer is not straightforward why not ask us?
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