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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15917
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Dad died Mar 13 - Mum died Sept 13 I sold my their property

Resolved Question:

Dad died Mar 13 - Mum died Sept 13
I sold my their property Aug 14 for £293.5k after initial probate valuation of £250k
Filling in Self Assessment form for 1st time because of CGT
Not sure how to fill in cgt page of self assessment as help docs not loading
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Assuming you are using the HMRC site, can you find the option to complete a worksheet? It opens with yellow boxes.
Customer: replied 1 year ago.
Yes - I've clicked on the I boxes for advise but they are not opening
Expert:  TonyTax replied 1 year ago.
Forget the help boxes. There will be so many people trying to file on deadline day it will slow things up. Do you have the worksheet open?
Customer: replied 1 year ago.
yes
Expert:  TonyTax replied 1 year ago.
What is the first question?
Customer: replied 1 year ago.
Reference for disposal - I've taken the reference from the emailed account from the solicitors who dealt with the sale
Expert:  TonyTax replied 1 year ago.
Put inherited property in the box
Expert:  TonyTax replied 1 year ago.
Next question?
Customer: replied 1 year ago.
Description of asset - have just given the address of the property
Date of disposal - date of sale
Disposal proceeds or market value - sale price of property
Expert:  TonyTax replied 1 year ago.
That's good. What's next?
Customer: replied 1 year ago.
incidental costs of disposal = again have put the total of fees paid to solicitor, estate agent + land registry
Expert:  TonyTax replied 1 year ago.
That's right. What's next?
Customer: replied 1 year ago.
Don't understand the following
Deduction, if any, in respect of reliefs and elections:
Description of elections made and of reliefs claimed or due. Where applicable, give the amount:
Expert:  TonyTax replied 1 year ago.
Did you ever live in the property as your main home since you inherited it?
Customer: replied 1 year ago.
No
Expert:  TonyTax replied 1 year ago.
Put 0 (zero) in the box.
Customer: replied 1 year ago.
Done
Expert:  TonyTax replied 1 year ago.
Excellent. You made a gain of £43.5K before expenses. The annual CGT exemption of £11,000 will come off automatically and the figure you will see the tax calculation will be £32.5K less expenses of sale.
Expert:  TonyTax replied 1 year ago.
The box at the bottom of the worksheet has a limit of 240 characters.
Expert:  TonyTax replied 1 year ago.
I hope that helped. Please rate my answer before you leave the site.
Customer: replied 1 year ago.
So how do I phrase it - use your figures in previous comment
Expert:  TonyTax replied 1 year ago.
Just type in the box: Property inherited September 2013, probate £250,000. Sold August 2014 for £293,500 less expenses of £X.
Expert:  TonyTax replied 1 year ago.
Something like that with no more than 240 characters.
Customer: replied 1 year ago.
Many thanks for your help - glad I'm not as dumb as I think
Expert:  TonyTax replied 1 year ago.
The worksheet will give HMRC all they need really. It will be automatically attached to the return. You don't have to ask the software to do that.
Expert:  TonyTax replied 1 year ago.
That's a good result then.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Great - now just have to find a couple of savings tax forms !
Thank you again. Goodnight
Expert:  TonyTax replied 1 year ago.
Thanks.

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