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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7307
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I have a capital gains bill of £160k but only have £60k in

Customer Question

I have a capital gains bill of £160k but only have £60k in cash as I bought a flat with the money will I now have to sell my newly bought flat to pay the tax man or can it be payed in instalments
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to be able to help you with your question. The best way to deal with this is to approach the HMRC office concerned and negotiate a repayment schedule you can manage which will also satisfy that Department. I have to caution you though that HMRC are not usually happy with such approaches, working on the principle that, as you have had the benefit of the gain, why can you not pay the tax due thereon? They would consider your purchase of the flat is merely frittering away moneys which are due elsewhere. I am so sorry to have to rain on your parade.