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Likelystory
26-02-2005, 01:31 PM
I am hoping to sell within the 04/05 tax year - but realise it might be a bit tight.
I have it in mind that exchange of contracts is the relevant date for CGT purposes rather than the date of completion. Can anyone confirm or otherwise?
I have FTBs who have been told by their solicitor that it isnt feasible to complete by the end of March (as requested by myself) and I am worried they might panic and pull out to save incurring any charges if I insist.
Could I safely ask for exchange of contracts by 5th April and complete afterwards in order to keep them on board?

JDO
26-02-2005, 07:12 PM
Likelystorey, the completion date (usually 14 days after exchange) can be agreed between buyer/seller.

The 14 day (or any other agreed date) is there to allow mortgage lenders/solicitors etc time to ensure that everything is finally in place so monies (mortgages) can be transferred on the same date.

Why not ask to exchange in early April and complete at an agreed date later in April...?

Hope this helps

JDO

Yardleystar
01-03-2005, 06:36 PM
I have covered this in your other post, but for the benefit of those that don't read it, a capital gains tax event is triggered by disposal or part disposal of an interest in an asset. The trigger date is the date the contract becomes unconditional ie exchange or completion.