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Capital Gains on house sale - expenses!

In calculating CGT for proceeeds of a house sale, I am aware you can expense the costs incurred when buying, But what if the buying was so many years ago and you no longer have a record of how much you paid for a solicitor and a surveyor. Would it be acceptable to put down a reasonale value - I'm sure there are not many who would have a record from 30 years ago but not good to lose out on an allowable expense!

Regards

Comments

  • RAS
    RAS Forumite Posts: 31,934
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    Is this a second home, BTL?
    The person who has not made a mistake, has made nothing
  • thenap80
    thenap80 Forumite Posts: 420
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    Own home for many years and then rented out for another seven. 
  • km1500
    km1500 Forumite Posts: 1,736
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    you should be able to look up what the rates of stamp duty were at the time so that should be accurate

    as far as buying costs solicitor etc then an estimate would be ok I believe there is a box at the end of your capital gains tax return which you can tick - it asks if any of the numbers are estimates
  • thenap80
    thenap80 Forumite Posts: 420
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    Hi, I knew that stamp duty cost was an easy one as can look back at rates. The solicitor fee and survey fee though is unknown. Even if I put down that I have used estimates, it says I would be required to provide exact values later on! So still unsure as to if I can use a reasonable estimate. I would say about 2500£ for solicitor and survey!
  • dinkylink
    dinkylink Forumite Posts: 221
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    thenap80 said:
    Hi, I knew that stamp duty cost was an easy one as can look back at rates. The solicitor fee and survey fee though is unknown. Even if I put down that I have used estimates, it says I would be required to provide exact values later on! So still unsure as to if I can use a reasonable estimate. I would say about 2500£ for solicitor and survey!
    £2.5k for those seems a bit toppy for 30 years ago
  • thenap80
    thenap80 Forumite Posts: 420
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    edited 5 August at 1:53PM
    Was about 17 years ago. 
    Maybe 1500£ would be better? Stamp duty was 450 anyway!
  • tigermark119
    tigermark119 Forumite Posts: 15
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    Can anybody advise me please, regarding Capital Gains Tax. I’m the Executor of my Father’s Estate and am in the process of trying to sell his property. Currently have a buyer with an accepted offer. The Solicitor I spoke to in June, who did my Father’s Will, said : “Don’t have the house transferred into your name, otherwise you could be liable for CGT”. What does she mean by this? Am I only liable if the property is in my name?
  • CSI_Yorkshire
    CSI_Yorkshire Forumite Posts: 1,792
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    Can anybody advise me please, regarding Capital Gains Tax. I’m the Executor of my Father’s Estate and am in the process of trying to sell his property. Currently have a buyer with an accepted offer. The Solicitor I spoke to in June, who did my Father’s Will, said : “Don’t have the house transferred into your name, otherwise you could be liable for CGT”. What does she mean by this? Am I only liable if the property is in my name?
    Yes.  If you have never owned the property, you have not made any capital gain to be taxed on.
  • theartfullodger
    theartfullodger Forumite Posts: 14,033
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    thenap80 said:
    In calculating CGT for proceeeds of a house sale, I am aware you can expense the costs incurred when buying, But what if the buying was so many years ago and you no longer have a record of how much you paid for a solicitor and a surveyor. Would it be acceptable to put down a reasonale value - I'm sure there are not many who would have a record from 30 years ago but not good to lose out on an allowable expense!

    Regards
    Why not just declare the truth to HMRC?  Just a thought.
  • thenap80
    thenap80 Forumite Posts: 420
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    thenap80 said:
    In calculating CGT for proceeeds of a house sale, I am aware you can expense the costs incurred when buying, But what if the buying was so many years ago and you no longer have a record of how much you paid for a solicitor and a surveyor. Would it be acceptable to put down a reasonale value - I'm sure there are not many who would have a record from 30 years ago but not good to lose out on an allowable expense!

    Regards
    Why not just declare the truth to HMRC?  Just a thought.
    The truth being that I have no values from decades ago and therefore can not put down a figure? That's fine, I may well put down zero, but my question related to whether pytting down a reasonable figure would be okay. That's not trying to avoid any tax due, but merely trying to utilise allowed expenses.

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