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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Thank you Tony that has helped, I have been sent a

Resolved Question:

Thank you Tony that has helped, I have been sent a Computation Working Sheet to fill in and there is 2 questions I do not understand. One says "Incidental costs of acquisition" and Capital gains elections or reliefs, not the annual exempt amount and description!
Please explain in simple terms. Thankyou.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Incidental costs of acquisition means expenses such as legal fees, survey fees, stamp duty, search fees, the type of thing that appears on your completion statement.
Elections or Reliefs covers situation such as a gain being deferred because you have invested in a government approved investment scheme which allows you to defer liability to a later year or some of the gain on a property disposal is covered by main residence exemption or letting relief. Take a look at HS283 (link below) for more information.
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief
I hope this helps but let me know if you have any further questions.
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