Alan Liu

We will have a valuation done by a Chartered Surveyor but I understand that HMRC might challenge the valuation. If HMRC decided on a different value for the property, I'm just wondering what kind of records do we need to reflect the adjusted value when we come to sell it.

When a property held in a Bare Trust is sold and the trustee want to transfer the proceeds of the sale to the beneficiary, can it just be done with a bank transfer from the Trust account to the beneficiary? Are there any forms or documents required?

We are setting up a trust and placing a property we own into the trust. We will be paying CGT using the market value of the property as advised by a surveyor (let's say it is £300,000). if we were to sell the property in the trust a few years later, we would need to pay CGT based on the property value at that time. My question is how do we register the £300,000 as the initial value of the property in the trust so future CGT will be based on this value.

Please let me know if the process below are correct for reporting CGT after setting up a trust and placing a property I own into the trust, 1. open the link https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-sold-a-property-in-the-uk-on-or-after-6-april-2020 2. Select Sign in or Create Account and login with my Self Assessment Id 3. Start a new return and fill in the details. 4. For the question below, select Give it Away. How did you sell or dispose of the UK property?

Thanks for your response. I just want to make sure by stating my question a bit clearer. When employing a solicitor to set up a trust with a property placed into the trust, it incurs a solicitor's fee for drafting the Trust Deeds, etc. When CGT is then filed for the disposal of the property into the trust, can this solicitor's fee be regarded as expenses.

If two properties are disposed of in the same tax year on different dates and both are liable for CGT, how should the CGT return be filled in for the second disposal. I presume that we should enter the same amount for our taxable income in the tax year and enter £0 for the Annual Exempt Ammout. But there is no provision for filling in the capital gain made in the previous disposal, If we file CGT for the second disposal a day after submitting the first one, should we just assume that HMRC will know about the capital gain made in the first disposal when working out the CGT for the second disposal. The gain in the first disposal would have overreached the threshold for basic rate CGT and I presume the entire gain made in the second disposal should be taxed at the higher rate rather than a mix of basic and higher rate.

We have set up a Discretionary Trust and transfer a property into the trust. Can the Solicitor's fee be regarded as expenses when filling in the CGT return?