Hi,
Possibly a silly question but at what point during the conveyency process is a contract deemed to have been made?
The obvious answer is when contracts are signed and exchanged but are there any nuances to this i.e contract when offer is agreed and accepted and arrangements made to sign contracts and move in date agreed?
From reading the tax consol act re this it seems to say that the date of acquisition can be when a contract is made. Can it be said that a contract was made when price was agreed and when contract was drawn up (but not signed)?
Thanks,
Jim
Possibly a silly question but at what point during the conveyency process is a contract deemed to have been made?
The obvious answer is when contracts are signed and exchanged but are there any nuances to this i.e contract when offer is agreed and accepted and arrangements made to sign contracts and move in date agreed?
From reading the tax consol act re this it seems to say that the date of acquisition can be when a contract is made. Can it be said that a contract was made when price was agreed and when contract was drawn up (but not signed)?
Thanks,
Jim