Capital Gains Tax On Property UK - Fatal Mistakes To Avoid

[@KC-vn1ss]

This is probably a silly question, if i am deducting solicitor and estate agent costs for CGT do i use the amount with VAT or before VAT? Thanks

[@UK-Property-Tax-Accountants]

Include the VAT too. That is a good question to ask

[@KC-vn1ss]

@@UK-Property-Tax-Accountants thank you for your response and help

[@UK-Property-Tax-Accountants]

You are very welcome 🙏

[@tomsmedley8971]

Hi Simon, I’m selling my property to our tenant BMV effectively gifting the deposit - can this gift be used as a tax deductible expense, against the years income ?

[@UK-Property-Tax-Accountants]

You will be charged CGT based on what you receive. Therefore the gift element would have already been taken into account.

[@tomsmedley8971]

@@UK-Property-Tax-Accountants thankyou I thought I saw somewhere in one of the questions it says did you sell it below market value and CGT applies from the market value?

[@UK-Property-Tax-Accountants]

The MV apples to close relatives

[@mrfoameruk]

I have a property that is 27 years old. Did completion statements exist then? If not what evidence is good for a property that was bought that long ago?

[@UK-Property-Tax-Accountants]

Completion statements did exist then. Please reach out to your solicitor in question to get it.

[@mrfoameruk]

@@UK-Property-Tax-Accountants looking online they are no longer trading. I have paperwork from them one titled "statement" which is just a type of written statement detailing the purchase price, deposit paid, legal fees and land registry fees and a required to-complete amount. Can I use this? It looks very unofficial. Edit I have just found out they were taken over in 2020 by talor rose so hopefully they can help. Fingers crossed. is there a law that says they should supply it if requested?

[@UK-Property-Tax-Accountants]

@mrfoameruk you might also want to try the land registry to see what details they have when you purchased the property.

[@UK-Property-Tax-Accountants]

@mrfoameruk get whatever you can, that is official

[@mrfoameruk]

@@UK-Property-Tax-AccountantsThanks. You've been really helpful.

[@MARTINA-gc3tq]

I intend to use Angela Rayner's tax advisor to evade..opps I mean avoid CGT.

[@UK-Property-Tax-Accountants]

That should be fun 🤩