How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask TonyTax Your Own Question

TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15751
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I have just sold a flat ( not my home) that i acquired in August

Resolved Question:

I have just sold a flat ( not my home) that i acquired in August 1994. Can I still claim indexation up to the time it was abolished? It looks to me like 1998 when it was abolished. If so, what is the indexation I can claim. Also, the sale price included curtains & carpets. Will HMRC accept a reasonable proportion or will they require evidence of cost?
Thankyou
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

You don't include the value of the carpets and curtains in the sale price for Capital Gains Tax purposes. A reasonable valuation will suffice.

I'm afraid that you cannot claim indexation allowance or taper relief as the disposal occurred after 5 April 2008. Take a look here for confirmation.

I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.

Thanks TonyTax, as you say not the answer I was looking for, but if the property is deemed to be acquired on 6th April 1998 rather than August 1994, do I substitrute a market value April 2008 for the original acquisition value? Hope it's ok me asking an extra question for the price of one! Do I rate your original response3 now or wait until you respond to this one? Thanks

Expert:  TonyTax replied 1 year ago.

You are free to ask as many questions as you need to until you are happy with the answer.

You said you acquired the property in August 1994. You don't substitute the April 2008 value for the purchase price or probate value if you inherited it or it was gifted to you in August 1994. The 1994 figure is the cost for CGT purposes.

Customer: replied 1 year ago.

Thanks again; sorry, when I wrote 2008 in my last question, I meant 6th April1998 not 2008.. Could you just confirm again I'm not able to substitute the 6th April 1998 value for the original value in August 1994 ( which you correctly identified as a probate value from the estate of my late uncle) I can then close my queries with you.

Thanks

Expert:  TonyTax replied 1 year ago.

The August 1994 probate value is your cost for CGT purposes, not the 6 April 1998 value.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15751
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and other Tax Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions