Long time investment

I have bought a shop with accommodation upstairs nearly 30 years ago, I have lost some invoices for the purchase of the property, how to calculate the gains after selling the property. Thanks Stephen

Hi,
If you have no evidence to support the costs for buying the property you will not be able to claim.
If you do not have the actual purchase price, you will need to contact an estate agent for a valuation based on similar properties sold at the same time.
Thank you.

I have the purchase price for the freehold property, but don't have the legal fees and the bank product fees and the valuation fees I have another question, I have sold a shop with accommodation upstairs with a loss in 1996, is it too late to claim the capital loss . Thanks

I have reported the capital gains for one of the property sold last year, because I have been moving house few times, so I have lost some invoices, but now I have found it, can I update the capital gains account. Stephen

Hi,
 

If you have not submitted a tax return, you can amend the property disposal form . If submitted a tax return for  the tax year of the gain, you will need to amend the actual tax return .

Thank you .

Hi I have already submitted the capital gains and tax return last June. Could you tell me how to amend the actual tax return. Thanks 

Admin name removed .

Hi
If you submitted online, you can log back in to your account to amend the capital gains page for costs and final gain. If submitted in paper, you will need to write in to request an amendment to HMRC, PAYE & Self Assessment BX9 1AS.

Hi CapitalGainTax,
You only have 4 years from the end of the tax year in which the loss arises, to claim losses.
Unfortunately, you are too late to do this.
Please have a look at the guidance at CG15250:
CG15250 - Expenditure: incidental costs of acquisition and disposal
You would need to be able to provide evidence of your allowable fees in one format or another, if HMRC asked for this.
Thank you. 

Someone told me before that, if I use the sales fund to purchase another property within a year, I don't need to pay any tax. Is it correct? I'm going to sell another commercial property soon and use that funds to purchase a BTL property, do I need to pay CGT tax for the sale.

Hi CapitalGainTax,
No, unless the property has been your only and main residence for the whole period of ownership.
You will need to report the sale irrespective of what you do with the funds:
Please see guidance here:
 Report and pay your Capital Gains Tax
Thank you. 

I have login my tax return to update my capital gains details. Now I have some refund from HMRC SA. I just want to ask, I am going to sell another commercial property soon, I am sure I will need to pay capital gains tax this time, can I claim the capital loss for the last sale. Thanks.

Hi,
If you complete a self assessment tax return, you will need to amend it to include losses and include supporting evidence.  
You can either do this online or in writing to H.M. Revenue and Customs Self Assessment BX9 1AS 
Thank you.

 

Hi I have amended the CGT page and uploaded the supportive evidence. Then a week later, I have received a refund from HMRC SA. I just want to ask, can I claim back the capital loss for the future sales? Thanks

Hi CapitalGainTax,
Losses can be carried forward and used against profits in a future tax year.
For more information on a question of this nature, you would need to contact our Self Assesment helpline on 0300 200 3310 or contact our webchat facility at:
Self Assessment: general enquiries
Thank you.