- it was my own company, registered in 2007, 100 % shares owned,
- It was 100 GBP hte initial value
if needed to be taxed where does it need to be included (in which section) in the self assesment tax return?
- the payment was received in 3 installments; if the tax return is done on a cash basis, is it ok to disclose it in 3 years?
I hope this is helpful and answers your question.
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Thank you for this.
So, if the contract has been signed on 2nd April 2012, is it too late now, to claim entr. relief? is it anything it can be done now?
You may like to read your contract for sale of shares and see if there is anything that suggests conditional/sale in instalments to address the timing of claim issue.
You say the contract was signed on 2 Apr 2012. Was it the completion/handover date
too?I hope this is helpful.
by contract, the payment was scheduled in 3 installments, the last payment was received in April 14.
Daniela, thank you for your reply.If the contract stipulates the sale is in three instalments then you may be able to get ER for 2 out of those three.You would be able to amend your tax return for 2103-14 before 31 Jan 2016.As far as 2012-13 tax return is concerned you could amend it online up to 31 Jan 2015. As you have missed that date, I suggest you write to HMRC and advise them of amended figures for each of the years 2011-12, 2012-13 and 2013-14.
You hope they accept all instalments as qualifying for ER.Was the first instalment made before 5 Apr 2012?I hope this is helpful.