Do you pay CGT on 125k property?

samraj

The probate for the property was given in March 1998, however it didn't have price of property included. We've sold the property in 2004 for 125k divided between brother & sister, as the probate does not include the value of property how do we calculate the profit to pay CGT? The accountant asked me to contact the solicitors who mention that it is not necessary to list the assets when drawing up a value to include in the probate. Is it OK for me value the property based on "cutting tax"? Pls help

WHA

You do need a value - Can the estate agents who sold the property give you a written valuation as at the time you acquired it (i.e. probate date). If they can't, then you need to speak to other estate agents/surveyors who knew the area at that time. Without a value, you can't calculate the chargeable capital gain, if any. The tax man won't be impressed if you just pick a number - when you complete a tax return, you have to use figures which are reasonably correct.