Capital gains tax paid on monies not received? What can you do?
09 June 2017
I have a few investment properties in my property company. One such property I purchased in 2002 for R200,000 and... subsequently sold in 2013 for R3,500,000. My company paid income tax on the capital gain as though I received the full R3,500,000. However by 2016 I had only received R1,500,000 when the other party fell bankrupt, leaving me without the full purchase price. SARS refuses to pay back the amount I overpaid, and I now have a huge capital loss in the company. Is there anything I can do?