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propertylawyer
propertylawyer, Solicitor
Category: Law
Satisfied Customers: 280
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
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I own a property in UK and i have approx £150,000 in

Resolved Question:

Hi there,I own a property in UK and i have approx £150,000 in positive equity.The house still have £200,000 mortgage against it to pay and is in both mine and my wife's names.I have just received notice that i owe the HMRC £30,000 in tax.Is there any way i can move my assets into my wife's name and declare myself bankrupt?I am even prepared to move abroad to escape the debt. Is there anything i can do?thanksMS
Submitted: 1 year ago.
Category: Law
Expert:  propertylawyer replied 1 year ago.

Hi

In short, if you did as suggested {transfer property to wife and declare bankruptcy} HMRC or any other creditor can apply to court to get the transfer rendered void.

Hope this clarifies the position.

Customer: replied 1 year ago.
Hi there,any suggestions how we could get around this issue?What about if i moved to USA, can HRMC still track me down out there or sell the debt to a company in USA?thanks
Expert:  propertylawyer replied 1 year ago.

I am sorry but it would be unprofessional to advise how to avoid paying tax due to HMRC. If you have £150k equity can you not release any to pay the £30k tax?

Expert:  propertylawyer replied 1 year ago.

It could be possible for the debt to follow you if you move abroad. A debt collection agency could be instructed, a tracing agent may discover your visa application. You can be pursued abroad for any debts. HMRC can get court orders to raid any UK account or get a charge on any property in the UK.

Also consider You may have to disclose your financial position and tax papers to establish your financial status to get a visa, any non disclosure of the tax debt is fraudulent. If it is discovered you will run the risk of having your visa revoked.

A tax debt will not be covered by limitation unlike a contractual debt.

Do you have any questions or queries? will help you further if I can.

Can I please ask you to accept /positive rate. Thanks.

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