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CGT Query

  • 16-11-2011 7:34pm
    #1
    cedargurl
    Registered Users, Registered Users 2 Posts: 24 ✭


    Hi

    My friend signed a contract with a guy to purchase a commercial property in April. The CGT payment deadline is the 15th of December. A 10% deposit has been paid since April but nothing else and it doesn't look like this guy is moving. Think he is waiting til the budget for some Stamp Duty news. How is my friend expected to pay this if the sale has not completed and what happens if the guy pulls out of the contract altogether, is the CGT not due at all then? Have read everything on revenue.ie but still no clearer.:mad:

    Thanks


Comments

  • #2
    MBateson
    Registered Users, Registered Users 2 Posts: 169 ✭✭MBateson


    The signing of a contract is the trigger for CGT unless the contract is conditional on some event e.g. Subject to Planning permission being granted, it then triggers when the condition is satisfied.

    It's not uncommon for the money not to be paid over in time by the purchaser these days, you need to get your solicitor chasing it and get professional advice on dealing with the liability if any.


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