CGT Historic Costs

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    CGT Historic Costs

    I am compiling a list of expenses which I spent over the 30 years where I ran a business at a Commercial Property which included land which I recently sold.
    The premises had been rented out by my father for 20 years before that
    Can I list the earlier expenses I incurred in that I spent £700 with solicitors serving Notice to Quit (30 year old solicitors bill available)
    I had to spend £3000 on solicitors fees to fight a Right of Way dispute the main cost being Barristers Fees (part bill available)
    Another £700 on surveyors fees due to my neighbour being able to register part of our land as being his.
    Because part of our land had never been registered with the Land Registry it cost £700 in Legal Fees to register it for the first time.

    Basically am I right in thinking "any expenditure which has occurred over the years can be set against CGT as an allowable expense"

    Any advice gratefully received.

    Only capital expenditure -- fighting a right of way would be a capital expense, serving a notice to quit would not. Initial land registration would be OK, the right of way dispute depends on details.

    £700 30 years ago would be a terrific solicitor's bill to serve a notice (are you sure you are not inflation adjusting these or something - which is not allowed)?


      Yes you are right, The £700 did include the £130 fee the Valuer Charged for the Probate Valuation,.and the rest was dealing with other matters.
      There is an additional bill of £280 for dealing with the Notice to Quit and negotiations for tenant compensation with the tenants solicitor


        The Capital gain is calculated from "proceeds of property sale" minus the "original acquisition cost " minus any " improvement costs" .

        If you sold the commercial property after running a business there for 30 years, you should qualify for paying cgt at reduced 10% rate for entrepreneur's retirement.


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