Property Values 1953 To 1975, Please Help!

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Property Values 1953 To 1975, Please Help!

    Hello there,

    I work for a small property investment company which owns a row of 9 units. Each unit has commercial on ground floor and residential on the upper.

    We are considering now to sell the row of units. The issue is 8 of them were bought between 1953 to 1975 and we have no record of the purchase price paid as we initially want to work out the tax liability.

    The purchase prices are not on the land registry title. Looking at our books from 1953 to 1975 is near impossible.

    What can I do? Please Help!

    Cheers

    #2
    RICS have index linking on various kinds of property over many years. To access this, I think you'd need a qualified surveyor.

    Comment


      #3
      I believe the value at 31st March 1982 is the base value for capital gains tax, isn't it?

      Presumably you know about the Halifax House Price Index?

      Comment


        #4
        But is there no register, government or council that would record the purchase prices?

        Comment


          #5
          If you're calculating CGT, the value is the value in 1982 as JKO says.

          The office of national statistics has average house prices, which you could argue are indicative.
          http://www.ons.gov.uk/ons/publicatio...cm%3A77-333236

          You could always ask HMRC what they would use, as this would at least help you be consistent.
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

          Comment


            #6
            As JKO has stated the relevant date is 31 March 1982. This should result in less Corporation Tax than if the actual acquisition price was used.

            Professional valuations will be required for all relevant properties.

            Indexation should be available.

            Comment

            Latest Activity

            Collapse

            • inherited house - best to sell or rent
              by Wobble1
              Hi all,

              My father sadly passed away in February, I already owned half of his house as tenants in common via my mothers will (passed several years before), although I didn't live there with him. Have my own house nearby. I am sole beneficiary of his will, and as well as everything else,...
              17-06-2021, 20:32 PM
            • Need CGT help or do i ned an accountant
              by Sara2
              Mother died in 2007 left house to me and my 2 sibs it was family home and i lived in it until 1985 when i had my own house. My brother also lived in house at point mum died and he remained there until 2010 when not being able to sell the property i purchased whole of property by buying brother and...
              13-06-2021, 11:53 AM
            • Reply to Need CGT help or do i ned an accountant
              by Sara2
              I fail to see how i can notify hmrc that rental was terminated in 2019 whilt non paying tenant remained in the property until May 21
              17-06-2021, 19:29 PM
            • Reply to Need CGT help or do i ned an accountant
              by Gordon999
              If you do not inform the Tax Office and just move back to live in the BTL property, the "rental business with tax losses" , can remain in existence for three years.

              https://www.property-tax-portal.co.u...business.shtml

              But the property owner can notify the Tax Office...
              17-06-2021, 12:28 PM
            • Reply to IHT, CGT and Income tax avoidance
              by jpkeates
              But there's £750,000 mortgage lending to pay off when you die, so the "giving away" is more like a loan.

              I'm not expecting anyone to pay 1p more tax than they should, but I find it's sometimes interesting to replace "the taxman" and "HMRC" with "we/us"...
              17-06-2021, 09:38 AM
            • IHT, CGT and Income tax avoidance
              by clairol
              So I’ve been listening to some property investment seminars where the suggestion is to buy ‘good’ properties, regularly put the rent up and never sell them.
              The advice is to keep them forever so you do not pay CGT; re-finance regularly and either enjoy the money or re-invest it; pay minimal...
              16-06-2021, 16:40 PM
            • Reply to IHT, CGT and Income tax avoidance
              by Section20z
              Yes but people who do maths in your example could give the £750,000 away before death so beneficiaries get £400,000 extra and tax man loses ....
              17-06-2021, 09:01 AM
            • Reply to IHT, CGT and Income tax avoidance
              by jpkeates
              It might be popular, but only to people who can't do maths.

              It's only a tax effective policy in the same way that having no money when you die means you don't pay that much inheritance tax.

              Ignoring the reliefs and personal thresholds for simplicity, if you die with a portfolio...
              17-06-2021, 08:10 AM
            • Reply to Need CGT help or do i ned an accountant
              by jpkeates
              Surely the business continued (the rent was still owed, even if not paid) and the business continued until the disposal of the property (assuming it was the only property in the business).

              Your interpretation is more appealing if it can be justified....
              17-06-2021, 07:54 AM
            • Reply to Need CGT help or do i ned an accountant
              by jpkeates
              Whoever gave you that advice doesn't understand how CGT works.
              You straight line the increase between purchase and disposal and you can deduct any time the property was your main residence (plus some additional months) as that period's gain is tax free.

              Any valuation when you start...
              17-06-2021, 07:52 AM
            Working...
            X