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capital gains tax


monmia
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hello everyone

 

Im hoping you can advise me a little

 

i have just recieved a capital gains tax enquiry from 2008 regardging a property i used to own.

When my father passed away in 2002 he left two properties and no will, so these properties passed to my mum. .My mum was too old to get a mortgage so she essentially gifted the 'other' property to the children. I took out a mortgage and paid off the mortgage for both homes and whatever debts my father left and house was put in my name alone. I and my brother lived there and it was also rented out for a short period. Then i got married. Me and husband bought another property which we moved into. so I owned two properties.

 

I 'sold' the other property to my brother at undervalue... a gifted deposit of £45000...essentially , he just got a mortgage to cover the debts in my name(which is really the family debt..not mine alone)

now the problem is, i have very little evidence to show that this property was ever a primary residence. all bills came in my brothers name.. i have just mortgage papers and property insurance papers

 

we also done about £30000 of work to the house but can only dig out about 12000 mainly because my brothers done a huge amount of that work themselves

 

So my question is do i go along with what all the official paperwork will show which is i bought the house from my mum and then sold to my brother.. and try and prove my residency and the work done on house...with very little evidence

or should i try explain what actually happened and the family circumstances surrounding it. that it was gifted to me and my siblings and is essentially an inheritance..or will the taxman just not care?

 

the figures are: i bought house for £75000 in 2003.solicitors papers do not state an undervalue but from land registry figures i think market value was about 100000..... In 2008 i sold to brother for £125000 .. he had the house valued..but papers will show it was at undervalue and i recieved £80000

 

how do i find out actual market values for that time period?

 

THANYOU

Edited by monmia
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Hello there.

 

I think your query is probably too complex for a forum like this one. In your position, I would go and see an accountant who specialises in tax, even if it's just for a half hour initial interview. This would normally be free.

 

You should be able to find local firms in Yellow Pages.

 

My best, HB

Illegitimi non carborundum

 

 

 

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thankyou honeybee, I thought it would be complex but thought there might be some tax experts around... I will take your advice.. thanks for your reply

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