I inherited a piece of artwork from my mother when she died back in the 1990s.
I don't have any details about when she bought it or how much she paid for it.
In that case, how is CGT worked out on the income from the sale of the piece of art when it's sold now by me?
As I understand it, CGT is paid on the profit, the difference between what she paid and what it's now sold for (somehow accounting for inflation - how is that done?)
If I don't have records of what she paid for it, how can the profit from the sale be worked out?
Many thanks.
I don't have any details about when she bought it or how much she paid for it.
In that case, how is CGT worked out on the income from the sale of the piece of art when it's sold now by me?
As I understand it, CGT is paid on the profit, the difference between what she paid and what it's now sold for (somehow accounting for inflation - how is that done?)
If I don't have records of what she paid for it, how can the profit from the sale be worked out?
Many thanks.