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SolicitorRM, Solicitor
Category: Law
Satisfied Customers: 6000
Experience:  Director and Principal Solicitor. UK
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Capital gains question, England, Sold a property - but need

Customer Question

Capital gains question
JA: Where is this? It matters because laws vary by location.
Customer: England
JA: What steps have been taken so far?
Customer: Sold a property - but need clarification on the CGT gain calc.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Don't think so.
Submitted: 10 days ago.
Category: Law
Expert:  SolicitorRM replied 10 days ago.

Good day welcome to just answer.

Customer: replied 10 days ago.
Expert:  SolicitorRM replied 10 days ago.

I am a solicitor and It is my pleasure to be assisting you today. I may ask for further information in order to determine a legal position.

Expert:  SolicitorRM replied 10 days ago.

Please note that I can guide you, justanswer does not provide legal representation and as such no legal lawyer/client relationship is formed.

Customer: replied 10 days ago.
My partner has sold a house she was renting out. She bought the house for c£375k and sold it for c£525. However when she purchased the property it was a joint purchase with her ex. She agreed a value of £460k to buy him out. So my question is which value and point do we use for the CGT calc?
Customer: replied 10 days ago.
Hi - is that clear? Do you need anything else?
Expert:  SolicitorRM replied 10 days ago.

Goodday this is clear, please be patient as a finish off a few cases before i attend to you.

Expert:  SolicitorRM replied 10 days ago.

Thank you for your patience. It would be the value at buy out stage. However she must remain alert that the HMRC may question that buy out price if they suspect it was agreed at that rate to avoid cgt in future.

Expert:  SolicitorRM replied 10 days ago.

Any follow up please do not hesitate to send your message. I am glad to assist you further or clarify anything. Thank you for contacting just answer. All the best