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Where Taxpayers and Advisers Meet

Capital gains without knowing the market value

Sally.jones
Posts:8
Joined:Mon Jul 26, 2021 11:31 am
Capital gains without knowing the market value

Postby Sally.jones » Sat May 28, 2022 3:14 pm

Hi all,

Another desperate plea for advice.

My gran is selling her rental home (divided into 3 flats) which was inherited when my grandfather passed 25 years ago. The issue we are facing is that she has no sight of paperwork to show what the property was purchased for back 30 years ago. For CGT purposes she needs the market valuation which is proving difficult... is there anyway around this?

Any help would be hugely appreciated.

Thank you, Sally.

lander
Posts:13
Joined:Wed Mar 22, 2017 1:17 pm

Re: Capital gains without knowing the market value

Postby lander » Sun May 29, 2022 10:28 am

Some years ago with a similar problem, I went to the Colindale Newspaper Museum, and looked up a local newspaper at the date I was interested in for a similar property.
This museum has now closed, however. I can't quite work out if the archive is now held at the British library, or on line somewhere.

Sally.jones
Posts:8
Joined:Mon Jul 26, 2021 11:31 am

Re: Capital gains without knowing the market value

Postby Sally.jones » Sun May 29, 2022 2:45 pm

Thank you Iander. I will take a look at some past news papers. Its certainly turning into a bit of a minefield

someone
Posts:691
Joined:Mon Feb 13, 2017 10:09 am

Re: Capital gains without knowing the market value

Postby someone » Sun May 29, 2022 5:05 pm

Hi all,

Another desperate plea for advice.

My gran is selling her rental home (divided into 3 flats) which was inherited when my grandfather passed 25 years ago. The issue we are facing is that she has no sight of paperwork to show what the property was purchased for back 30 years ago. For CGT purposes she needs the market valuation which is proving difficult... is there anyway around this?

Any help would be hugely appreciated.

Thank you, Sally.
If she inherited it, won't it be the probate value you need?

You could try the nationwide house price index calculator. I would guess the gain is significant and a reasonable estimate of the base cost would be good enough.

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: Capital gains without knowing the market value

Postby darthblingbling » Sun May 29, 2022 5:48 pm

End of the day, if you're struggling to determine the value I'd fathom HMRC would struggle too should they investigate and a reasonable estimate should be ok.

Sally.jones
Posts:8
Joined:Mon Jul 26, 2021 11:31 am

Re: Capital gains without knowing the market value

Postby Sally.jones » Wed Jun 01, 2022 4:16 pm

Thank you everyone. Nationwide is my next port of call.

Who would havw thought that paying tax would be such a headache 😕


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