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Reply to "Ben's Buddies"

I will make sure my fee covers the time involced in sorting out that client's capital gains tax. Last year was the first time I did my client's tax return and I spent time then working out the "base cost" of his shares so that I had the info ready for future use. But there were several bits of missing info so that could cause problems. Base cost is the term used for what we can regard as the cost for capital gains tax. Where someone has received shares under a legacy, the base cost is the probate value of those shares, not what the shares originally cost when the legator bought them.

 

He's sold the shares because he was fed up with them and is using the money to buy another property to let.

 

Squiggle, I hope you have a nice time with your visitors.

 

 

 

El Loro
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