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 Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5147
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I will owe CGT on 2 one-bedr .flats that I made in 1999 by

This answer was rated:

I will owe CGT on 2 one-bedr .flats that I made in 1999 by conversion; but have only my estimate of their cost . Presently valued by estate agent at £70K each.
Will tax office accept my estimate of cost as I have no paper proof . Please advise
Hello and welcome to the site. Thank you for your question.

Ideally, you should have proper documentation to support the purchase price.
If you are able to prepare a schedule of costs with supporting documents (the more the better) comprising of proof of payments i.e bank statements, credit card payments, cash withdrawals for spend etc, it would be helpful.

In the absence of it, you would have to defend the figures.

Having said that, this would only be required in the event there is an enquiry from the the Tax Office.

Your starting point is to report the gain based on whatever documentation you have in your possession and take it from there. Your tax return may not be selected for scrutiny and/or enquiry.

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. and other Tax Specialists are ready to help you
I thank you for accepting my answer.

Best wishes.