CGT on property received as a gift

[Lsp54]

Hi,
My client has sold a property he received by Deed of Gift from his parents in 1988. The property comprises a block of 1 shop and 3 residences. An estate agent gave a written valuation near the date of gift.
My client's father died in 1989 and his mother in 1995. The capital gain on the property at the time of the gift was dealt with through retirement relief.

The question is - is there any reason why I shouldn't take the valuation at the date of the gift as my base cost for this year's CGT calculation?
I think I may be looking for complications unnecessarily. Many thanks.

[AGoodman]

Sounds correct to me. Only question marks are whether the 1988 law was the same as the 1992 Act (I suspect it was) and whether parents could have claimed holdover relief. I was at school at the time and not too interested in CGT but I believe holdover relief was once more generous.

[Lsp54]

Hi,
Thanks for replying. The previous accountants apparently did prepare holdover relief elections, but confirmed in writing that these were never forwarded to HMRC because Retirement Relief was granted. I don't know too much about the tax rules back then either.
Thanks again.