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Sold beach apartment abroad
cherry76
Posts: 1,113 Forumite
I recently sold my apartment abroad to my brother The apartment was valued at £10000 more than he paid me by the government's valuer. I wanted to sell quickly and thought it was a fair price. The local government is now asking him to pay an extra £600 or he can appeal but has to pay and £70 to lodge the appeAl. I am just wondering whether it is better to pay the penalty. It will not be cost effective to lodge an appeal, if he needs the service of a solicitor. The country in question is Mauritius. I also wanted the apartment to stay in the famity as it is near the beach Can anybody offer some advice? Thanks
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Comments
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You'd be best to find a forum which covers Mauritius property, we only really deal with the United Kingdom around here.0
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I would imagine any such contention would come at a high cost. I know £600 is a lot of money but it could quickly become a lot more.
Are you in contact with other owners out in that location who may have been through something similar?Thinking critically since 1996....0 -
Just pay it.0
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And don’t forget to include that £100,000 in your capital gains calculations.0
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Keep_pedalling wrote: »And don’t forget to include that £100,000 in your capital gains calculations.
£10,000, I think you've seen an extra zero in the OP.0 -
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I recently sold my apartment abroad to my brother The apartment was valued at £10000 more than he paid me by the government's valuer. I wanted to sell quickly and thought it was a fair price.
Related party transaction I suspect. The Government valuer may well take the view that the price was "fixed" to avoid payment of an amount of tax. That they are now demanding. Difficult to see what grounds you have for appealing. As your brother has gained £10,000 thanks to your genorsity. Perhaps he could repay the £600 to you when he eventually sells the property.0
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