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In terms of debt forgiveness and CGT, bank has forgiven an element of debt on loans advanced personally to renovate a pub. However, the bank has forced the sale of the pub along with two residential properties. The base cost of the pub has been reduced by the debt forgiveness and the sale of the two properties has given rise to a gain meaning that there is a large CGT liability. Is there any relief or recourse available in these instances?

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Asked on 2 November 2015 1:13 pm