Estimating Legal Fees from back in 2002 for CGT purposes

B

belizebaby

Registered User
Messages
9
I bought a house in 2002, I sold it in 2017.
For calculation of CGT I need to factor in the legal costs of acquisition as well as the purchase price. The solicitor I used is no longer practising and I've torn the place apart looking for the old cheque book stub which would have had the amount on it, to no avail. Would it be okay to submit an estimate in punts for this or should I leave it out of the calculation altogether ? Thanks ....
 
Would your bank have a copy of the bank statement from that time?

If not, just use an estimate and let Revenue know that it is an estimate.

Solicitors tended to charge 1% for their fees + VAT and outlays.

But there were discount solicitors doing it for fixed fees of around €1,500.

I would say that if you used €1,500, you would not be overstating it by much.

Brendan
 
Brendan Burgess said:
If not, just use an estimate and let Revenue know that it is an estimate.
Click to expand...

There is no facility to allow this Brendan. It's a purely self-assessment system. For the avoidance of uncertainty here, the OP should not include an expression of doubt on their return, as this may precipitate an unnecessary audit or desk enquiry.
 
belizebaby said:
I bought a house in 2002, I sold it in 2017.
For calculation of CGT I need to factor in the legal costs of acquisition as well as the purchase price. The solicitor I used is no longer practising and I've torn the place apart looking for the old cheque book stub which would have had the amount on it, to no avail. Would it be okay to submit an estimate in punts for this or should I leave it out of the calculation altogether ? Thanks ....
Click to expand...

I sold in 2002. Solicitors fee was 2,486.45 Euro's. That was for selling. The fee for purchasing a few years before was more or less the same. Auctioneer charged just short of 2K to sell. I was also able to use indexation. Can't remember now when that ended. You would be silly not to claim everything you can, even if you don't have a receipt.

I did the CGT calculation myself and sent a cheque to revenue for the CGT and have never heard anything since.
 
Thanks everyone for your replies ... I think 1% of purchase price plus vat plus outlays is reasonable
 
You must log in or register to reply here.
Back
Top