GAIN prior to taper relief

[stephenp]

hi

i have a gain on a property of £120000 which was purchased in 1981, do i need to use indexation allowance for my calculation or can i just use the taper relief and add on an additional year for property being owened prior to when taper relief began.

Many Thanks
Steve

[TaxationPete]

http://www.hmrc.gov.uk/leaflets/cgt1.htm

Regards Peter

[stephenp]

Does that mean i have to use indexation allowance on the gain upto 1998 then use taper relief??

Ta

[TaxationPete]

If you don't then there will be a lot of CGT. Regards Peter