• Keeping records

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    You must keep records of matters that affect the capital gains and losses that you make. The law requires you to keep them for 5 years after the last relevant CGT event has happened.

    You need to keep records of all expenditure made for a CGT asset so that you can correctly work out the amount of capital gain or loss made when the CGT event happens to it. It is important to keep records so that you do not have to pay more capital gains tax than is necessary.

    If you leave an asset to another person when you die, the asset may be subject to capital gains tax when a CGT event happens to it in the future - for example, the beneficiary disposes of the asset. You can help your beneficiaries to minimise the impact of the tax by making sure that you retain all relevant documents relating to assets that you acquire. See chapter 5 for more information.

    Last modified: 18 Sep 2009QC 18323