Could someone give me some advice please about the following ?
In 1987 I bought a one third share of a commercial building plus a small adjoining car park. I purchased with 2 other individuals who bought the other 2/3rds share . The building was not in very good condition and the total purchase price was about £24000 (i.e. £8000 for each of us) for the building and the car park. At that time the building had a value of about £22000 and the car park the rest.
In 2008 in order to "lock in" the indexation allowance (as it was about to be removed) the whole of the 1/3rd share in the whole of the property was gifted to my wife.
In March 2016 my wife gifted a 1/6th share of the whole of the property to myself leaving her with a 1/6th share
The building (but not the car park) was sold at the end of March 2016 . My wife and I received net proceeds of just under £15000 each.
The question is : - Am I under an obligation to fill in the Capital Gains Summary pages for my 2016/17 tax return ? I realise of course that the proceeds are under the £44000 figure but do I need to "claim" the above split of the original purchase price and also the indexation allowance available of approximately 60% ?
Otherwise , on the face of it, a small CGT liability could be due.
On the basis of the above allowance and split I am sure that no CGT will be due for either myself or my wife. However, I would just like to know whether I actually have to "claim" the split and the allowance or whether I can avoid having to fill in the CGT pages (maybe just include an extra note under "Additional Information" to be on the safe side ?).
Many thanks for any help
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch