Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to tjh290633,csearle,jfgw,bionichamster,Shelford, for Donating to support the site

Capital Gains Tax on investment property

Practical Issues
Sunnypad
2 Lemon pips
Posts: 138
Joined: November 4th, 2016, 1:17 pm
Has thanked: 12 times
Been thanked: 20 times

Capital Gains Tax on investment property

#200546

Postby Sunnypad » February 11th, 2019, 1:24 pm

hello all

I hope this is the right board for this question

background - In a couple of months, it seems likely I am going to be selling investment property which is in my mother's name.

when we pay CGT, is it calculated and done by the solicitors as part of the sale? Or would we have to submit details of the sale to the accountant and pay it that way?

Many thanks.

Alaric
Lemon Quarter
Posts: 3535
Joined: November 5th, 2016, 9:05 am
Has thanked: 13 times
Been thanked: 700 times

Re: Capital Gains Tax on investment property

#200607

Postby Alaric » February 11th, 2019, 4:45 pm

Sunnypad wrote:when we pay CGT, is it calculated and done by the solicitors as part of the sale? Or would we have to submit details of the sale to the accountant and pay it that way?


It would be part of the owner's annual tax return. If you have an accountant at your disposal, you could have them calculate the potential liability and help claim for allowances against the gain. Declaring to HMRC is the owner's problem unless the accountant is preparing the entire tax return.

Sunnypad
2 Lemon pips
Posts: 138
Joined: November 4th, 2016, 1:17 pm
Has thanked: 12 times
Been thanked: 20 times

Re: Capital Gains Tax on investment property

#200644

Postby Sunnypad » February 11th, 2019, 6:59 pm

Thanks Alaric.


Return to “Taxes”

Who is online

Users browsing this forum: No registered users and 5 guests