Capital Gains Tax

[Big Bas]

I have just sold shares which were passed down to me in 1986 on the death of my father The amount is over the CG threshold of £10100 Can this £10100 be reduced in any way ? Hope you are able to give me a simple! answer Thank you

[emeritus]

The CGT allowance is for profit (Gains) and so the purchase price of the shares can be deducted from the sale proceeds for CGT purposes.

There is good advice on the HMRC web site

http://www.hmrc.gov.uk/cgt/

[buildersmate]

It isn't the original purchase price paid by your father that is critical, it is the value established at probate - which will invariably be the share price at the date of death. That is the 'purchase price' that can be deducted in order to assess the capital gain that you have made.