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Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 222
Experience:  ACCA Diploma
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I need some help preparing a CGT for a property being sold

Customer Question

Hello, I need some help preparing a CGT for a property being sold to my daughter at a discount.
JA: When was the property or asset sold?
Customer: It is going to be sold on the 9th of June
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: not really
Submitted: 11 days ago.
Category: Tax
Expert:  Expert Lu replied 11 days ago.
Hello
I am an expert with JustAnswer and I am happy to assist you with your question.
Please kindly add more information so that I can best assist you.
Thank you in advance
Expert Lu
Customer: replied 11 days ago.
I have a property that my husband and myself bought in 2005 for 250,000 GBP. Then I have sold the property for 170,000 GBP to my daughter. The actual market value is 450,000 GBP. I am trying to calculate the CGT
Customer: replied 11 days ago.
i would need your cost to prepare a CGT
Expert:  Expert Lu replied 11 days ago.
Hello
Let me ask Just Answer to send you the premium service cost for that.
Thank you in advance
Customer: replied 11 days ago.
Hello, please confirm what is involved in Premium Service offer and is one off amount. Will you be able to provide advise and complete the CGT return for the cost?
Expert:  Expert Lu replied 11 days ago.
Hello
Yes it is a once off Payment , I can only assist you with the calculations as Just Answer policy preludes me from doing the return for you but I can assist with details on what goes where.
Expert:  Expert Lu replied 11 days ago.

Hello

I am just coming back to find out if you still require  my assistance,  it is Just Answer  policy  for me to give you a general  response, CGT will be calculated on the current market value of the property  now not on the discounted price.To get to the CGT costs , you have to take into account your annual capital allowance of £12 300 ,solicitor fees,advertising  costs and any capital expenditure  incurred .You are also  entitled  to a 9 month residence relief  the relevant CGT percentage will be used to calculate your CGT depending on which tax bracket you follow within.

Please kindly feel free to ask if you need me to clarify  my answer.

All the best