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What's CGT Computation?

PoGee
PoGee Posts: 784 Forumite
500 Posts Fourth Anniversary Name Dropper
edited 15 October 2021 at 6:27PM in Cutting tax
I was working backwards from employment, property, CGT Summary pages, when I got to page 2. I've ticked 'yes' to Box 7, saying I've filled out CGT summary but what's a computation? I've put in my disposal proceeds and gain. I'm guessing it'll be some sort of work sheet. I've ticked box 53 and written  in box 54 that valuation is as at time of death. What happens if I don't provide a computation?
If I put in a hand written calculation, would I note the purchase price in full and then divide by 3 to give my share or just 'my shared' minus one third of legal fees etc? I thought I'd finally got it, till I came to 'computation'  :/

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 15 October 2021 at 6:34PM
    The computation is the calculation of the gain- Proceeds less costs with the application of appropriate reliefs.
  • JGB1955
    JGB1955 Posts: 3,956 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Your post is incredibly confusing. Where do you think your CGT liability has come from?  You speak about value at time of death...is this to do with Sale of assets after death S a beneficiary...or executor????
    #2 Saving for Christmas 2024 - £1 a day challenge. £325 of £366
  • JGB1955 said:
    Your post is incredibly confusing. Where do you think your CGT liability has come from?  You speak about value at time of death...is this to do with Sale of assets after death S a beneficiary...or executor????
    The op had another thread on this recently:

    https://forums.moneysavingexpert.com/discussion/6304416/need-help-filling-cgt#latest
  • PoGee
    PoGee Posts: 784 Forumite
    500 Posts Fourth Anniversary Name Dropper
    JGB1955 said:
    Your post is incredibly confusing. Where do you think your CGT liability has come from?  You speak about value at time of death...is this to do with Sale of assets after death S a beneficiary...or executor????
    Sorry, it's mind boggling. Family member died over 3 years ago. Solicitor said best to transfer i to 3 (siblings) names. That happened in 2020 and was sold soon after. When I look at the valuation report which was done in 2020, it gives the valuation as 'at time of death', prior to 2020 and that's the figure my siblings said to use when working out gain.
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