When do I need a Capital Gains Tax Valuation?
Capital Gains Tax is typically payable when you sell or gift a property that is not your main home. The tax is calculated based on the increase in value from when you first bought the property through to the point that you dispose of it.
Where the property is not sold on the open market (because it is, for example, transferred to a company or gifted to a family member or moved into a trust, or sold at a discount) then a valuation is required in order to ascertain the ‘market value’ as at the time of the transfer.
Sometimes, retrospective valuations are needed in order to establish the value of a property at a past point in time where a historical transfer needs to be assessed for tax purposes.
A RICS Red Book Valuation, undertaken by a RICS Registered Valuer, is the most accurate form of property valuation available and is more likely to be accepted by HMRC than other types of valuation (for example, an estate agent’s property appraisal).
Please Contact Me for a fast, free, no-obligation Capital Gains Tax Valuation quotation.
Fast and reliable Capital Gains Tax Valuations
As a RICS Registered Valuer, I am able to provide Capital Gains Tax Valuations in the form required by HMRC.
An expert on the Norfolk property market, I am able to provide timely and accurate valuations.
The valuation inspection typically takes around 1 – 3 hours (depending on the size and condition of the property) and valuation reports are issued no later than 3 working days after the inspection.
The cost of a Capital Gains Tax Valuation varies significantly depending on the type, size and condition of the property but is typically between £349 and £899 (no VAT to pay). Fees may be higher for very large or complex properties.
If you have other questions about the Capital Gains Tax Valuation process, please visit my FAQs.
Alternatively, please feel free give me a call and I’ll be happy to talk through any questions you may have.
