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1997/98 CGT Comp-Asset Held at 31.3.82-Indexation?

Can Anyone Remember on What Indexation was Based?

Have just inherited a new trust client but trust creation papers were lost years ago. I need to reconstruct the 1997/98 CGT comp on creation of the trust.

Am about to fall asleep at the wheel and just cannot remember the rules for a personal lifetime gift of land into trust in June 1997 of an asset held at 31.3.82. Unfortunately, my current textbooks do not go back so far. Cost of the land in 1975 was £5,000.

Was it:

Market Value June 1997 £50,000

Less 31.3.82 market value £15,000

Less indexation applied to 31.3.82 mv i.e. x 0.983 on £15,000

Just want to make sure that indexation was not applied to the £5,000 cost back in 1975.

Thanks.

 

 

 

 

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By MJShone
17th Jan 2019 08:11

Indexation would only apply from 1982.

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