Quick Q on date of sale

[Cherry Pro]

Say, we exchanged on a property late May 12 but settled in July 12, which year would the profit from the sale be recognised .. 11 / 12 or 12 /13

Thanks

 

[MRO]

Generally the date the contract became unconditional (May) assuming you own the property as an IP, for a developer this may be different. Please get your own advice to confirm.

 

[Jake Milne]

Date of sale is from exchange. So your year started in May 2012 meaning it was 2011-2012.

 

[Cherry Pro]

Thanks guys, confirms my thinking.