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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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MY CLIENT HAS SOLD QUOTED INVESTMENTS ACQUIRED IN 1978 BUT

Customer Question

mY CLIENT HAS SOLD QUOTED INVESTMENTS ACQUIRED IN 1978 BUT UTILISING 31 MARCH 1982 VALUATION,
IS ANY INDEXATION ALLOWANCE AVAILABLE FROM MARCH 1982 VTHROUGH TO THE DATE THIS CEASED TO BE AVAILABLE TO INDIVIDUALS? AS OF COURSE THIS RELIEF IS ONLY NOW AVAILABLE TO COMPANIES
Submitted: 8 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 8 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 8 months ago.

Thank you for your question.

Changes to CGT regime took place from tax year 2008/9 with the removal of indexation and taper relief for individuals.

Your CGT is based on all gain made irrespective of the time you owned the asset (ulitising 31 Mar 1982 valuation where applicable).

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 8 months ago.
I understand but my question was is indexation allowance available for the period 1982 through to 2008/9? Even though the shares have only just been sold.
Expert:  taxadvisor.uk replied 8 months ago.

Thank you for your reply..

The answer is no as the shares were still in your client's possession until recently sold.

I hope this is helpful.

Expert:  taxadvisor.uk replied 8 months ago.

Hi there

Just checking to see if you need further clarification or have I answered your question.

Many thanks

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