Property Cost

Property Cost

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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

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By Malcolm Veall
13th Sep 2007 09:15

No similar properties
Ken,

Thank you for the suggestions. The property does not have any similar properties to compare it to, it is a hotel in a small town.

Does anyone know if the Stamps Office keep any records of values of particular transactions stamped?

Malcolm

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By kenmoody
12th Sep 2007 14:42

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.

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By kenmoody
13th Sep 2007 11:38

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.

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By Malcolm Veall
14th Sep 2007 09:47

No Records at Stamps Office
Ken,

I tried the stamps office, (I was refrred to the Edinburgh office by the helpline - who of course new nothing about stamp duty as it was SO long ago).

I was told that they kept absolutely no records! They just stamped the documents, cashed the cheques and returned the documents.

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