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CGT 30 day report

CGT 30 day report with two acquisition amounts

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We have a client who purchased 50% of a holiday home with her father in 1987. He died in 2001 and she purchased his 50% from his estate. She now has given 50% (Sept 2020) of the holiday home to her daughter and now has to make a CGT 30 day report. Does the report allow for the two acquisition dates and amounts to be entered and if not, how would these have to be entered?

Any ideas / suggestions would be appreciated please?

ICAEW guide says "Members have reported that the system is unable to accept more than one acquisition date and also does not allow for part of the gain to be calculated on uplift from 5 April and part from market value post 5 April 2015".

(Sorry had to select a "tag" from the choice given, but nothing relevant!)

Replies (8)

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Psycho
By Wilson Philips
26th Sep 2020 12:09

Why does it matter?

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Replying to Wilson Philips:
BirdnCo
By BirdnCo
26th Sep 2020 12:15

Thanks, but what date would you show then, 1987 or 2001? Then just add both dates and acquisition amounts together?

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Replying to BirdnCo:
Psycho
By Wilson Philips
26th Sep 2020 12:25

I would probably show 1987 being the date of acquisition of first interest. But, frankly, you could use any date that you wanted.

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Replying to Wilson Philips:
BirdnCo
By BirdnCo
26th Sep 2020 16:03

Thanks, that was my thinking too.

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By Paul Crowley
26th Sep 2020 12:28

The proper report goes on the next tax return.
Not done one yet but all that matters is sales price and paying the correct tax. I would just make fit whatever else is needed.
It is really just a system to get in money earlier before idiot tax payers spend it.

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Replying to Paul Crowley:
BirdnCo
By BirdnCo
26th Sep 2020 16:02

Thanks, but client does not complete SA tax returns.

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Replying to BirdnCo:
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By Paul Crowley
26th Sep 2020 21:11

Maybe this client needs to for 2021

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Replying to Paul Crowley:
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By Tax Dragon
26th Sep 2020 21:44

Para18(2) Sch2 FA 2019; s7 TMA... discussed in a recent thread, something for us all to remember.

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