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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Can you find out what the penalties would be if my ex were

Customer Question

Hello, Can you find out what the penalties would be if my ex were found out? Presumably he would have to submit a fraudulent tax return? My son is in favour of this but he says it 'doesn't matter', it's just tax evasion not tax avoidance. My ex has a very reputable tax adviser (he was a partner in a firm of accountants and one of the partners, a tax expert, is advising on this). Are there any penalties for my son, as party to this? What if my ex dies within the next 7 years, can you work out the tapering tax that would have to be paid from my ex's estate (he bought at about £250k, the value now is around £750k). Aside from the flat in Crouch End, my ex's only other assets are the house he lives in (worth around £50k). My ex is aged 68, there is a good chance of him not living out the 7 years. Sorry, this is a big ask!

Submitted: 1 year ago.
Category: Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.

Yes, please continue to search. It may be that a tax solicitor might be the right person? Or criminal? I can continue to wait but I'd like an answer quite soon as my ex is getting together the paperwork now. Thanks

Customer: replied 1 year ago.

If necessary, i can pay more

Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Ash replied 1 year ago.

Hello my name is ***** ***** I will help you.

You want to know what happens if your ex submits a false tax return?
Alex

Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and other Law Specialists are ready to help you
Customer: replied 1 year ago.

Yes, please! But please see my previous question. My ex is planning to sell the flat (in which my son lives with his girlfriend) for £50k to my son (aged 27). The flat is worth around £750k. I know it is a 'dodgy deal'.

I wanted to know if my ex will be committing a crime, if found out. He is sure he can do this (he is an accountant) and he will say this is his primary residence (he actually lives in Wales). He is after the cash (he has debts) but I am worried about any repercussions - for him (he will have to file a fraudulent tax return presumably) and, mainly, for my son (who wants to help out his dad). I think that if he dies within 7 years (he is aged 68) the IHT burden will be such that my son would have to sell the flat to pay this in future years..

Customer: replied 1 year ago.

Yes, please! But please see my previous question. My ex is planning to sell the flat (in which my son lives with his girlfriend) for £50k to my son (aged 27). The flat is worth around £750k. I know it is a 'dodgy deal'.

I wanted to know if my ex will be committing a crime, if found out. He is sure he can do this (he is an accountant) and he will say this is his primary residence (he actually lives in Wales). He is after the cash (he has debts) but I am worried about any repercussions - for him (he will have to file a fraudulent tax return presumably) and, mainly, for my son (who wants to help out his dad). I think that if he dies within 7 years (he is aged 68) the IHT burden will be such that my son would have to sell the flat to pay this in future years

Expert:  Ash replied 1 year ago.

Yes this is. It should be sold at market value because HMRC would need and want the gain for stamp duty.

If it's low to avoid duty then this could be a criminal offence for which he could be prosecuted

But it's evasion so yes - it could be an offence

Can I clairfy anything for you about this today please?

Alex

Customer: replied 1 year ago.

I have looked up the information on the GOV website now - if it is deliberate and concealed, the penalty would be between 30-100% of the extra tax due (it would be a capital gain) and my ex would also have to pay the extra tax due. That's what I wanted to know.

Please don't take any more money from my account.

Expert:  Ash replied 1 year ago.

Yes indeed. As I said he could be prosecuted.

Does that clarify? Alex