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Post by scepticalinvestor on Mar 17, 2022 8:15:59 GMT
Please would someone mind expanding a bit about this HMRC issue? I haven't received any email about it from PP. Thanks. New issue now involving HMRC problems preventing return if funds from sold properties. Paying 3% interest on tied up funds until resolved The HMRC confusion (if that's really what's going on) is a real worry. How, at this stage, can they not know how the 5 year sale mechanic works? |
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Post by c0nfuzed on Mar 17, 2022 10:00:38 GMT
I guess you'd only get the email if you were an investor in a property that has been sold, but here's the body of it:
"You are a shareholder in XXXXXXXXXXXX. The sale of the flat completed on XX XXX XXXX at a price of £XXX.
We are seeking guidance from HMRC on the legal procedures for returning funds to shareholders. We are working to resolve this as soon as possible, but cannot currently provide a date when shareholders’ funds will be returned. Given the delay to our normal process, Property Partner will pay shareholders 3% p.a. interest on unreturned funds based on the property’s latest valuation, from 1 March 2022, until the date that they are returned to shareholders. The interest will be paid monthly in arrears, commencing on 5 April 2022."
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 21, 2022 16:08:50 GMT
It appears the issue may be resolved & the process to return funds to investors underway. Expected to complete in a month.
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Post by overthehill on Mar 21, 2022 17:33:55 GMT
It appears the issue may be resolved & the process to return funds to investors underway. Expected to complete in a month.
They are just as bad at selling properties as they are at buying and renting them, these multi-unit properties will be derelict before they are sold. Not even sure I'm affected by that issue as my properties had exchanged according to the sep update and there has been no meaningful update since. Note there is no property chain on the selling side either!
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Post by overthehill on Feb 6, 2024 13:37:50 GMT
9 unit Torquay property has finally exchanged on last one. Payment expected in around 6 weeks.
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New issue now involving HMRC problems preventing return if funds from sold properties. Paying 3% interest on tied up funds until resolvedThe HMRC confusion (if that's really what's going on) is a real worry. How, at this stage, can they not know how the 5 year sale mechanic works?
