Takeover (Covid-19/20)

But only after the purchase money has been paid and not before which is implied to be the situation with funds”being” transferred and not “have been” transferred.

Edit: Also now 14 days not 30 days at least for property.

 

Genuinely no idea but we're not talking about a few grand, we're talking many millions to be owed. Could be a very organised lawyer?

 

Yup. The lawyer receives the funds from the buyer, held in a law firms accounts on trust. This includes third party fees.

They transfer all at the same time normally unless payment of fees is requested earlier.

 

That's what I thought.

Can remember when we sold our house and we thought we'd get to see the £90000 equity in my account before we bought the next house but no the solicitors kept hold of it even though we weren't even close to exchange.

 

It's just legal process. Many people are surprised.

That's why that guys comments surprise me. If we are at release of funds, i would expect this to have occurred together with payment of HMRC fees.

 

Some bloke at hmrc

I know someone that's works for hmrc and high up.. They've heard **** all

 

Just bear in mind that if funds have “Started to transfer” there’d be many others who would be privy to info as well that wouldn’t be bound by NDA.

 

Employees of HMRC as an example.

 

It's bullshit

 

More than likely. But based on experience, people working for public bodies are more likely to disclose confidential informatiin because there is less chance of being sacked.

 

On the contrary the person I know would get sacked anyway

 

Am I missing something here? Why would hmrc know about this? I get that there may be tax implications for the selling company. However when an asset is sold the entity that has sold it has plenty of time to file the capital gains or losses to hmrc.

 

Well, probably wouldn’t be an employee for much longer.

 

There won’t be any fees? The only thing that would happen is a capital gain or loss for the selling entity. In this case that would be st James holdings Ltd.

I think this news is a load of bull.

 

They wouldn’t. Their fees are never due up front.

 

All property will be owner by Newcastle United. The only asset being transferred is the shareholding’s.

 

Yup. Transfer of shareholding is subject to taxation though?

 

Exactly. There isn’t a fee either it’s a tax the only thing ever paid to the revenue or taxes.

Which are normally self assessed. In our situation the only asset that will be being transferred is the shareholding of Newcastle United Ltd. From st James holdings Ltd.

St James holdings would Then have to enter capital gains details on their corporation tax return. Detailing the transaction and any taxes owed at that point which I don’t think there will be any taxes.

 

We're under a tory government

 

More than likely. I an sketchy on tax law as it isn't my area thankfully. A minefield.