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Client sold house in 2014 at a considerable loss. part of loan was written off and on cgt i reduced the base cost of the house in line with s552. Loss was carried forward and used in 2016. Now he has got compensation made up of redress, compensation, legal fees. any idea how this is treated for tax purposes. Client is off opinion its tax-free but I cant find anything to back this up. thanks

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Posted by (Questions: 50, Answers: 29)
Asked on 3 October 2017 10:49 pm
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According to my reading of that so its taxable ?
On a letter from the bank they say its not taxable but did not expand on it in too much detail. Have you come across this before. thanks.

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Posted by (Questions: 50, Answers: 29)
Answered on 10 October 2017 7:29 pm
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Capital sum derived from an asset: TCA 1997 s 535

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Posted by (Questions: 5, Answers: 5252)
Answered on 9 October 2017 8:08 am