Rolling over capital gain
First the easy bit to which I'm 99% sure I know the answer, then the second bit which I need help with....
I sold my house this year, I have already purchased my new house although the actual move won't take place until next year. The easy bit is that I know (99% sure) that I can "roll over" the capital gain on this house sale to the next house purchase and therefore delay paying tax on the gain until I sell the next house. Right so far?
The more difficult bit is that even though I told the notary who sold the house what I was planning to do and he understood and noted it, he has still retained that portion of the deposit to pay the tax, and is currently holding it on account.
Before I shout, do I need to actually do anything in advance with the tax authorities to get their authorisation that this is OK? I assumed that he would submit the forms, and it would show up when I do my 2011 tax declaration at which point I would explain that I wished to defer.
Any expertise?
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