Proceeds from sale of house - keep under the stairs !!

losgiganteskid

As I understand it - if I sell my house and go into rented accom I can put the proceeds of the sale in an interest bearing account and with the interest rent another property. The B/Soc has a duty to notify the I Rev of all interest paid, as the person concerned would rather the i/r not know about the funds where could the money be safely kept away from the prying eyes of the tax man ?

When the solicitor dealing with the house sale asks where to electronically send the proceed of sale funds can it be paid direct to a third party (eg a partner) to avoid the i/r being alerted to the guy who actually sold the house and re direct their (i/r) attention the person who has received funds ?

silvercar

I doubt a solicitor would want to indulge you.

If you really don't want to declare the interest send it overseas. The revenue won't know if you are gaining interest that should be declared or if you've bought a property with it.

Remember that 78% of something is better than 100% of nothing.

Ian_W

The solicitor can send it to me.

I'll keep it safe for you or you "friend" - honest

BobProperty

Ian_W wrote:

The solicitor can send it to me.

I'll keep it safe for you or you "friend" - honest

Ian offshore accounts/bearer books W

I don't fully understand what the OP is trying to achieve. They are selling a house, presumably in the UK and will get a lump sum of money for it? HMRC will get to see that the house was sold, and maybe see it accounted for on a tax return. The lump sum of money, if in a UK bank or BS account will be reported to the IR and tax will be deducted from the interest. (there are exceptions, fill in an R85 is it? ). Solicitor will send the money anywhere he is instructed to, I would have thought, but so what, the transaction has taken place and is recorded.

seven-day-weekend

What if I sell my house in euros and keep the proceeds under the matress in the UK?................................

A_Nice_Englishman

seven-day-weekend wrote:

What if I sell my house in euros and keep the proceeds under the matress in the UK?................................

Any sale will have to go through the Land Registry, and I'm sure they talk to HMRC on a regular basis.

seven-day-weekend

A_Nice_Englishman wrote:

Any sale will have to go through the Land Registry, and I'm sure they talk to HMRC on a regular basis.

Not the British land Registry if I sell my house in Spain.....

A_Nice_Englishman

seven-day-weekend wrote:

Not the British land Registry if I sell my house in Spain.....

I thought we were talking about selling a UK house? If you mean do a deal in Spain to sell your UK house surely the sale will still have to be registered with the British Land Registry, who will talk to HMRC who will be interested to know what happened to the proceeds.

seven-day-weekend

I mean sell my Spanish house in Spain and keep the money in Euros under the mattress in the UK......;)

A_Nice_Englishman

seven-day-weekend wrote:

I mean sell my Spanish house in Spain and keep the money in Euros under the mattress in the UK......;)

Ah I see! I suppose the Spanish authorities would be as interested to know what happened to the proceeds as the UK ones would be in the case of a sale of a British house. However I am getting way out of my depth here, knowing nothing about international tax laws!

Who was it who said "Only two things in life are certain; death and taxes"?

seven-day-weekend

A_Nice_Englishman wrote:

Ah I see! I suppose the Spanish authorities would be as interested to know what happened to the proceeds as the UK ones would be in the case of a sale of a British house.

QUOTE]


Yes I'm sure they would. But the UK authorities wouldn't need to know about my sale in Spain, would they, if I'd already paid all the Spanish legal taxes?