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Post Info TOPIC: Capital Gains Tax
BudgetB


Guru

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Capital Gains Tax
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Hi all,

Just after some opinions please on costs of acquisition, deductible in a CGT calculation.

In the situation where a house has been inherited by someone, and passed through probate in order for that to happen there is a solicitors bill for their services. CG15250 says that the costs deducted have to be wholly and exclusively for the purposes of the acquisition, which to my mind in the case of probate just giving you a house it would be wholly to do with the property. 

What if though the deceased also had a bank account, and so the probate cost then relates to the contents of the bank account and the house - would an apportionment of the solicitors fee seem reasonable?

Or am I just barking up the wrong hopeful tree here and in others opinion probate costs wouldn't be relevant to this situation at all?

Opinions on a postcard please

 



__________________

Jenny

 

Responses are my opinion based on the information provided.  All information should be thoroughly checked before being relied on.

 
Cheshire


Master Book-keeper

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Posts: 8646
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Try this?

www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg30571

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
BudgetB


Guru

Status: Offline
Posts: 709
Date:
Permalink Closed

Brilliant, thank you!

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Jenny

 

Responses are my opinion based on the information provided.  All information should be thoroughly checked before being relied on.

 
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