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Capital Gains allowance and calculation
bring_back_threepenny_bit
Posts: 44 Forumite
in Cutting tax
Hi, I have Power of Attorney for my elderly mother and have just sold a house (not her residence) that she owned, to pay for care costs. There will be a hefty CGT bill as she bought the house in 1985. I would like to make use of the available allowances, one problem is that there is no longer any record of what she paid her Solicitor on purchase. Will HMRC accept a reasonable estimate or do they need documentary proof?
My other question is, does installation of central heating qualify as an improvement for CGT purposes?
Thanks
My other question is, does installation of central heating qualify as an improvement for CGT purposes?
Thanks
0
Comments
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It's a bit old for Zoopla, although it's always worth a look. The Land Registry Proprietorship Register only goes back to 1995. If there was no central heating before the installation, and the cost was not set against rent, it should be able to be included as an improvement.0
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An independent agent should be able to provide you with an estimate. Spending £150 - £200 on this might save hassle in the long run. Why not try the agent engaged in the recent sale?0
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Just to clarify, I know what she paid for the house, it's the associated legal costs that there is no record of. I need to know if I can use an estimate0
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As long as you explain that it is an estimate.Just to clarify, I know what she paid for the house, it's the associated legal costs that there is no record of. I need to know if I can use an estimate0
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