Capital Gains Tax
System
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Could you resolve that one for me?
We have all learnt that any items bought AND sold for under £6000 do not attract CGT.
If the item is sold for more that £6000 then, in all cases, we are given the original cost of the item and if it is sold for more than £6000 our braincells are on overtime/overheat/overdrive to calculate any CGT with indexation etc... !....
So how do you calculate any CGT on an item IF you DO NOT know the original cost.
For example:
A family heirloom item for which the valuation today is £10000 to £15000 and is expected to reach over £17000 on a good day at auction. The seller does not know the original cost, only that it has been in the family for over 75 years. How do you calculate the CGT on that item?...
I should have remembered this, I must have been asleep in class that day!.... Sorry teacher!...
Thanks for any help!....
We have all learnt that any items bought AND sold for under £6000 do not attract CGT.
If the item is sold for more that £6000 then, in all cases, we are given the original cost of the item and if it is sold for more than £6000 our braincells are on overtime/overheat/overdrive to calculate any CGT with indexation etc... !....
So how do you calculate any CGT on an item IF you DO NOT know the original cost.
For example:
A family heirloom item for which the valuation today is £10000 to £15000 and is expected to reach over £17000 on a good day at auction. The seller does not know the original cost, only that it has been in the family for over 75 years. How do you calculate the CGT on that item?...
I should have remembered this, I must have been asleep in class that day!.... Sorry teacher!...
Thanks for any help!....
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