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Posted Sat, 16 Sep 2023 13:07:02 GMT by
Land was purchased in 1992 and home was built in 1995 to calculate capital gains its state purchase price and receipts required we have access to receipt for the purchase of the land but not a full record for the materials and labour to build the house given the length of time. I have read to use estimates in this case but that’s for improvements and doesn’t appear to reference anything where the property has been built not bought as such. Would a construction and build price today adjusted to index of 1995 be sufficient. If not does anyone have advice of how to approach this calculation, I want to be as accurate as possible but given the lack of records I don’t know how best to approach this. Any advice would be greatly appreciated.
Posted Tue, 26 Sep 2023 17:47:26 GMT by HMRC Admin 10
If the house was built by a company, you can contact them for details.
If built by yourself, you cannot claim for any labour costs and it is just materials that you can claim for and you can use an estimatev as referred to you in your question.
Posted Thu, 30 Nov 2023 20:52:47 GMT by Florence Conville
This is a supplementary question to the one asked by Danielle Merity. If using today's construction and build costs indexed back to the year of the build - will one builders estimate indexed back to build year be adequate?
Posted Wed, 06 Dec 2023 13:05:35 GMT by HMRC Admin 25
Hi Florence Conville,
If you use recreated records, you will need to show which figures are estimated or provisional.
If you do not have records:
Capital Gains Tax: what you pay it on, rates and allowances
If you wish any valuation being used to be checked prior to completion of the return, HMRC provides the following service. 
If you wish HMRC to check your valuation:
Market value
There are no specific instructions on how any estimated figures are reached.
You will need to ensure that they are supplied on a just and reasonable basis and evidence that they have used all available information & means to obtain any realistic valuations or estimates supplied.
Thank you. 

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