Residential property capital gains tax liabilities can arise of a variety of reasons, but commonly the liability arises when you sell or dispose of a property that is not your home. Your solicitor or accountant will need to make a submission to HMRC confirming your tax liability. This is often calculated with reference to the price the property has been bought and sold for. However in some circumstances, such as where a property is being gifted or sold at a discount to a family member, or when the gain is calculated under the rebasing rules for foreign residents, a professional valuation will be required.
Capital gains tax valuations submitted to HMRC can reviewed by the Valuation Office Agency (the Government agency that provides property valuation advice to HMRC). It is therefore important that the valuation is prepared by a Chartered Surveyor with the experience, skills and knowledge necessary to provide an accurate valuation. The kind of formal valuations are commonly called ‘Red Book’ valuations.
When instructing Peter Barry Chartered Surveyors a specialist Chartered Surveyor & RICS Registered Valuer will be allocated to your case. The surveyor will visit the property, and then back at the office will produce a thorough review of the comparable evidence, to ensure that the valuation is as accurate as possible.
Our team of tax valuation specialists can assist with complex and unusual valuation matters, including the valuation of freehold reversionary assets, and providing historic valuations such as from April 2015 where required for rebasing.
The capital gains tax valuations we provide are carried out in accordance with the RICS Valuation Professional Standards and under the statutory definition of market value provided by the Capital Gains Tax Act 1979. As such the valuation report should stand up to scrutiny by the Valuation Office Agency and HMRC.
If you’d like to arrange a valuation of your property our team will be happy to help.
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