AW1991 W
Joined: 3/28/2024
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Question about property rider and tax
Hi When we bought our property the seller left £5k in a rider , with the solicitors, towards major works bill. The bill arrived within the stated timescales and the rider was released to us (the buyer) by the solicitors. The £5k was paid towards the major works bill a couple of months later. Does this £5k count as taxable income and has to be declared for the tax year and if so how do we declare this or is it exempt , I cannot find any guidance on this at all. KR AW