.png)
.png)
L Hanif; R Hanif (TC5940)
Receiver’s and legal fees against capital gain
The taxpayers were brothers and jointly owned nine properties. A tenth property was owned by one brother and his wife. They had been acquired over a period and financed by loans from different lenders although these had been consolidated into one loan. The brothers decided to sell two properties. They hoped to use the proceeds to reduce the loan but the bank refused to release the funds and put them in a separate account. It appointed a receiver on the ground the brothers had breached the terms of the loan. They instructed solicitors but could not prevent the bank selling all the properties.
The brothers declared the proceeds of the sale of the first two properties on their tax returns but not the rest. This oversight was ascribed to the...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
