I would be grateful for any advice
I am trying to work out a cgt liability but am struggling with the value at the date of gift- 1987- but I believe was in the region of £47500
In 1987 a deed of gift was made of a property and worded thus
-"---is hereby comfirmed that the action here affected does not form part of a larger transaction or series of transactions in respect of which the amount or value of the consideration exceeds 30k"
Now, does this mean that the property was worth less than 30k at that time (which i dont believe it was- and as there was no valuation how was it established ?And if it was to keep below stamp duty why did it matter as there was none payable as it was a gift.)
OR
Was it the amount of money paid for the property - which also doesnt make sense as it was obviously less than 30,000 as it was a gift!
would be grateful for any clarification
thanks
Replies (4)
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Just sounds like standard conveyancing wording as Stamp Duty 0% band was up to £30,000 back then.