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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 27412
Experience:  International tax
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I bought a property in my son's name and sold it five years

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I bought a property in my son's name and sold it five years later, the inland revenue are now looking into it and are looking to charge him capital gains tax, is this correct?
JA: Where are you? It matters because laws vary by location.
Customer: Uk London
JA: What steps have you taken so far?
Customer: At the moment none, he only received the letter by post yesterday
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No

Hello and thank you for allowing me to assist you.

Yes

They only see that he owned the property then sold, that is on the owner to report and pay CGT

Customer: replied 6 months ago.
He was listed as the owner, he rented the property out, I thought because it was his first buy that he would not have to pay CGT

First buys are not exempt from CGT like stamp duty

He owes now

Unfortunately you were wrong and he owes

You are most welcome

A 5 star positive rating would be appreciated

Customer: replied 6 months ago.
is my £44 being taken from my card??

I rejected any call. You are not charged unless an expert calls you

A 5 star positive rating would be appreciated so I am credited for my time.

TaxRobin and other Tax Specialists are ready to help you
Customer: replied 6 months ago.
OK thanks