Commentary

I3.264 Price left outstanding on loan but released annually

IHT, trusts and estates

I3.264 Price left outstanding on loan but released annually

I3.264 Price left outstanding on loan but released annually

Suppose A sells property to B for, say, £30,000, but the purchase price is left outstanding on loan and is written off at the rate of, say, £3,000 pa making use of A's annual exemption.

HMRC has stated that, in such a case, 'We will obviously need to consider any actual case of this kind on its full facts, but … it seems clear that the sale of the asset and then writing off of the loans are associated with each other as a single arrangement and, prima facie, we would consider

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial