Capital gains

[Haribo16]

Can anyone clarify if capital gains is paid from the time a deed of gift has been completed or from the time the property was purchased, i.e., the growth from that point minus the initial outlay? It might be important to mention that there were no capital gains paid when the deed of gift was completed. Thanks for any help with this.

No it isn't in a trust it was a deed of transfer and the property in question is a hmo (house of multiple occupancy). My dad would have had an accountant advising him and he is clear that there were no capital gains paid in 2011 when the deed of transfer was done. I can only assume that there was holdover or gift relief that was applied for at that time.

In simple terms does this mean that when I come to sell I have to include both the growth in value that my dad would have had when the property was in his possession and also the growth in value from 2011 to now.

Because the top part is relevant. Gift relief isn't just for transfers into a trust. The top part is relevant because someone up thread said gift relief was only available on business assets which isn't true.

OP I would just go and see a tax advisor. You will get lots of incorrect advice on this thread

Thank you everyone that has replied I have been doing lots of research and have a better understanding of what to ask a tax advisor thanks to the advice and links you have all provided.

I am a tax advisor and there is absolutely zero point in op seeing any tax advisor with the limited information she has posted on this thread if that is all she has unless she can see the tax advisor who assisted her dad when the transfer took place and is able to look at what happened.

I am also a tax advisor and we would still help her even with her very limited information. We would tell her what information to get and how to get it, if OPs DF is still alive he could come along as well and we would work it out especially if DF gave us permission to contact the accountants he used. We don't only help people with all their paperwork in order.

but what would you have to charge for doing an initial meeting to tell them what info to gather, doing all the money laundering and engagement letters, chasing up info and liasing with other accountants, doing the final comp, all possibly at short notice if she’s already sold it so has to get the capital gains return submitted within 60 days, so having to drop other work for long term clients to pick this up instead. The amount we’d have to charge to make it worthwhile doing all this instead of other work I just think the op would be better placed to try and gather the info first before engaging by contacting her fathers accountant etc, she could do this without assistance, engaging a tax advisor isn’t going to add any value to this stage than doing it herself, unless money is no object and she can pay whatever the costs are

We wouldn't charge anything for the initial meeting we are nice like that.

See I’m abit like that by nature but now we are at a point where we literally have so much ongoing work and not enough time/difficulties recruiting that if the op was to phone me up I wouldn’t want to take the job on-someone mentioned they’d paid £300 up thread so if that’s the ball park we are looking at it wouldn’t be worth it to have two meetings , time chasing up info and then do the actual calcs and return, as well as the money laundering checks and eng letter for a one off piece of work. We’d likely be charging more like £1000 for doing all this and I always feel that is expensive for what the op would actually be getting out of it as they could do a lot of the initial work themselves. Were a small firm too not one of the big boys

Thanks again I really appreciate it. Will see if I can get a clearer picture of things before going to a tax advisor.

Can you contact your dads accountant who advised that would be easiest we have records going back years