Malcolm Gunn, consultant with Squire Sanders & Dempsey, discusses the valuation of jointly held properties
Malcolm Gunn consultant with Squire Sanders & Dempsey discusses the valuation of jointly held properties
Mr and Mrs Grumpy have owned a property which has been let since before 1982. On 31 March 1982 it was worth £100 000 and they sold it last year for £300 000; what is their capital gain ignoring indexation relief? Stupid question you may say; any fool can work that out it's £200 000. Actually no it's not — it's £210 000.
The reason for this is that the base cost of the property is written down by 10% because it was jointly owned. No wonder they are grumbling. In fact the problem gets even...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Malcolm Gunn, consultant with Squire Sanders & Dempsey, discusses the valuation of jointly held properties
Malcolm Gunn consultant with Squire Sanders & Dempsey discusses the valuation of jointly held properties
Mr and Mrs Grumpy have owned a property which has been let since before 1982. On 31 March 1982 it was worth £100 000 and they sold it last year for £300 000; what is their capital gain ignoring indexation relief? Stupid question you may say; any fool can work that out it's £200 000. Actually no it's not — it's £210 000.
The reason for this is that the base cost of the property is written down by 10% because it was jointly owned. No wonder they are grumbling. In fact the problem gets even...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
