Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thanks TonyTax, as you say not the answer I was looking for, but if the property is deemed to be acquired on 6th April 1998 rather than August 1994, do I substitrute a market value April 2008 for the original acquisition value? Hope it's ok me asking an extra question for the price of one! Do I rate your original response3 now or wait until you respond to this one? Thanks
You are free to ask as many questions as you need to until you are happy with the answer.You said you acquired the property in August 1994. You don't substitute the April 2008 value for the purchase price or probate value if you inherited it or it was gifted to you in August 1994. The 1994 figure is the cost for CGT purposes.
Thanks again; sorry, when I wrote 2008 in my last question, I meant 6th April1998 not 2008.. Could you just confirm again I'm not able to substitute the 6th April 1998 value for the original value in August 1994 ( which you correctly identified as a probate value from the estate of my late uncle) I can then close my queries with you.
The August 1994 probate value is your cost for CGT purposes, not the 6 April 1998 value.