- Capital Gain Tax Question
There’s info about penalties on the HMRC site.
I’m no tax expert, but I expect they have software that trawls forums and flags up questions like this so they can narrow their search down and know who to chase.
Might be that forum owners have some obligation to report if they think a crime is being / has been committed.Posted 6 years agojambalayaMember
If you are caught you will have to pay the tax due and probably a fine/surcharge – this can be substantial
You have a capital gains tax allowance, ie an amount you can make with no tax due – its about 10k It’s a common practice to take some capital gains(by selling assets) each year to use your allowance. The you reinvest into the same assets if you wish. Another technique Isnto split the assets between a married couple (or two individuals if implicitly trusted) then you get double the allowance.Posted 6 years ago
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