Typical costs for professional advice for CGT

[Junebug]

We're selling a rented flat (my former home). The tax position is probably moderately complicated. We've had an initial meeting with a tax adviser and the advice letter they'll provide to help us cut our CGT will cost £1500-2000 plus VAT (hard for us to find up-front). Is this a typical figure for a national company? Might a small local company be cheaper?

[The Ivy Office Ltd]

Hi there,
We will do it for less.
Feel free to contact us.

Dennis

[maths]

Very difficult to comment on this information.

Certainly a local advisor is likely to be cheaper but whether the advice would be as "good" may be arguable. However, if the issue is not that difficult which prima facie it wouldn't seem to be suggest you check costs with a local advisor before proceeding.

If you can set out basic facts on this site you may well get some good "free" advice. Why not try?

[Junebug]

Thanks. The flat was bought 2000 by myself and partner, lived in by me only (and I paid for everything) until 2005 then rented. We got married this year and are thinking of an interspousal transfer to cut costs before selling. Not sure how simple/difficult a problem this is for an adviser.

[adelante]

If it was bought by yourself and your partner in 2000 then you already own it jointly so I dont see how you can transfer something which is already in joint names !

If however it was only in your name and it was you PPR from 2000 to 2005 then there will be no CGT to pay so no need to do an inter spouse transfer.

Give us some more information and you may find there will be no need to pay for the advice

[Junebug]

We bought it jointly but my partner never lived there and had his PPR elsewhere; he I think would therefore be liable for CGT on selling the flat? Our plan is to transfer it into my name only so that it would qualify as my PPR for the whole period (I lived in it for 5 years, and it has since been rented for 2+ years). The potential profit on sale is somewhere around £150 so the tax bill could be big if we don't sort it out right.

[al_eebee]

What you are proposing would seem to do the trick as you anticipate.

If that is exactly what you told the original adviser it seems a very high quote, unless there are other things you have not mentioned.

I presume you mean a gain of £150k not £150?

[CDavey9501@aol.com]

Would he not be liable to CGT when he transfers his share to you?

[paul_dgw]

Are you married? can you be classed as spouse, if not it may be deemed a gift from him to you in which case he would be liable for cgt.. look in to this.. it seems to be a straight forward ppr calculation in which no tax is due but you need to be clear on your relationship before assuming anything.

[Junebug]

We married just recently. We also wondered if stamp duty would be payable if he transferred his half of the flat to me?