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Good evening, welcome to just answer. I am a solicitor and have reviewed your question for you. It is not easy to do if you had done all the transfer paperwork. You would look to sell the property back to yourself but the chargeable profit when you initially sold would still have to be paid. Amy clarification please do not hesitate to send your follow up question, I am glad to assist further. All the best
Good morning, If all you are trying to do is to avoid paying CGT but there has been a chargeable gain, unfortunately there isn’t any option. You can’t even employ discretionary trusts where the transfer was to a company and not a gift to a family member, I am sorry but you can reverse this transaction.
What do you mean? If you made a gain for your proportionate share and there is no way of saying this was your only home then cgt is payable,
I am sorry but if you did not get correct advice from either and it’s to your financial detriment you must complain to them and if they see any negligence on their part they would want to address it for you without escalation to a professional negligence claim. All the best
There aren’t valid reasons for an exception though, hmrc is after making money, they will not make an exception because another professional failed to advise you, they will expect the tax and direct you to seek any remedy from your advisers unfortunately.
You are welcome,
You can send a formal complaint to them first, following their complaints procedure. They may have an answer for you that may clarify their reasons for giving you the advice that they gave. If you are not satisfied with their response you can escalate your complaints to the Legal Ombudsman Service. This is free and you do it online. Alternatively if you can afford the court and legal representation fees you could sue them for professional negligence to recover what you believe you have lost as a result of their advice. Your new solicitor will do a merits assessment and advise on prospects before you commence litigation. All the best
If he agrees that he is liable then he pays you what you claim to have lost. He will have to report the complaint to his professional indemnity insurer and his premium on renewal will be high.
That’s not something anybody (not even the solicitor) will know, the insurer is the one that assesses risk on renewing cover.On time scales you will need to check the firm’s complaints procedure to know what they anticipate, each firm will have their own time scales. I would say unless he admits liability straight away it would not take less than 8 weeks
That is my estimate based on my practice complaints procedure but you must check your solicitor’s complaints procedure for their time frames.
They should therefore say in the letter what remedy are they offering and you either accept it or reject it and say how much would be satisfact
Hi, not if you were going sell even if you had been given the information. You just need to be honest with yourself what would you have done had you been told of the cgt?
So you could explain that in arguing that you would not have sold at all if you had been advised of the cgt liability and justify requiring damages in the sum of the cgt liability. Let them come back with a defence and you can deal with it at that stage.