The Lemon Fool

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.

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.

Thanks Alaric.