Is there a way of locating the cost of a property? (for CGT purposes)
In my client's case the solicitor has destroyed the records and the Land Registry Title Register does not have the purchase price, (it was in 1989).
Malcolm Veall
Replies (4)
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If you know the acquisition date ...
... you may be able to get an estimated cost based on sales of similar properties at around the same time, perhaps from a local surveyor & valuer - or maybe the Valuation Office will oblige. They came up with some sales of supposedly similar properties when I was arguing over my council tax banding! If Stamp Duty had been paid there should be some record but whether it can be found is another matter. Can't think of anything else.
I take it that the property was acquired by purchase ...
.... therefore the MV rule does not apply. Obviously you can only deduct for CGT the amount actually paid, but if this was an arm's length purchase one would assume that MV was paid. If the cost cannot be found, then you will need to estimate it - estimates are acceptable if the actual cost cannot be ascertained. In which case you would need to get someone to do a valuation at the appropriate date and indicate on the tax return that a valuation has been used, with a bit of explanation in the additional info space. That may be the best you can do. The inspector may refer to the Valuation Office. You could try just ringing the Stamp Office and seeing what info they have.