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Tax Problems - Jointly owned property
needagoodname
Posts: 1 Newbie
in Cutting tax
I jointly own an investment property and am in the process of trying to force the sale and taking legal to enforce the sale.
The problem is that the person I jointly own it with is likely to be facing investigation for tax avoidance and I envisage that HMRC are highly likely to force him to sell assets.
What I would like to know is that if my (former) business partner uses our jointly owned property as a saleable asset to pay the debt to HMRC, will HMRC allow me to sell the property on the open market to get maximum value or will they want it sold ASAP at a knockdown rate eg at auction?
Talking and mediation routes are completely out of the window and have been attempted for months.
Thanks for any input.
The problem is that the person I jointly own it with is likely to be facing investigation for tax avoidance and I envisage that HMRC are highly likely to force him to sell assets.
What I would like to know is that if my (former) business partner uses our jointly owned property as a saleable asset to pay the debt to HMRC, will HMRC allow me to sell the property on the open market to get maximum value or will they want it sold ASAP at a knockdown rate eg at auction?
Talking and mediation routes are completely out of the window and have been attempted for months.
Thanks for any input.
0
Comments
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This sub-forum is mostly inhabited by accountants. This has reached the litigation stage - I suggest you ask your solicitor.0
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