capital gains and timing of lodging of the cheque

scientist

Hi all, I'm looking for some advice. I'll be getting a cheque before xmas for the sale of a part of my garden to the council. It's not subject to capital gains but will have to be put through the tax system anyway. I would prefer if this cheque was put into my 2017 tax year . So if i get the cheque just before xmas, should i just wait and then lodge it into my bank account at the start of jan. Or will they put it with the 2016 tax year because that would be the year we signed the deed of transfer? Any help would be appreciated.

exaisle

The date you lodge the cheque is irrelevant.

"In the case of a disposal of an asset by way of an unconditional contract,
the time of disposal and acquisition is the time at which the contract is
made and not, if different, the time the asset is conveyed."

scientist

Thanks, so it will have to be part of 2016's tax year. Or can I still put it into 2017's tax year regardless?

exaisle

scientist wrote: »

Thanks, so it will have to be part of 2016's tax year. Or can I still put it into 2017's tax year regardless?

The disposal occured in 2016. End of.

Just lodge the cheque before you lose it..:-)