Capital Gains Tax Valuation

Capital Gains is a tax that becomes payable when you sell the chargeable asset and make a profit from it. The chargeable asset can be the property or land that’s not your main residence. Capital gains tax will be determined based on your personal income and the profit you make from the sale of an asset.

You pay capital gains on any property you sell with exception to the main residence. The property can be:

  • Investment property
  • Second home
  • Land
  • Business premises
  • Inherited properties

Your capital gains tax is calculated from the gain you make minus expenses which you incurred to sell the property. For instance, if you bought the property for £200,000 and sold for £400,000 your initial taxable gain would be £200,000.

When Capital Gains Tax Valuation Is Needed?

You need to submit obtain capital gains tax valuation for your tax liability assessment when your circumstances meet any of the conditions below:

Gifted property

  • You need to obtain the valuation as at the date the property was gifted.

Inherited Property

  • If you intend to sell the property you received as part of the Will you need to obtain a valuation at the date of the deceased’s passing.

Property purchased prior 31st March 1982

  • If you bought property before 31st March 1982 and sold after, you will need to obtain retrospective capital gains valuation to work out the gain.

Non-resident and selling the property

  • From 5th April 2015, most properties sold by non-residents will be liable for capital gains tax. You will need to obtain valuation if you sell property bought prior 5th of April 2015.

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Capital Gains Tax Valuation Prepared by Chartered Surveyors

Our valuation reports are prepared by experienced Chartered Surveyors who are using market leading systems and proprietary databases to undertake market valuations for capital gains tax purposes.

The capital gains tax valuations often are required to be completed to the retrospective dates and our team of Registered Valuers are prepared to assess the property value to the historic date, sometimes even going decades backwards.

Our experience allows us to produce market evidence based valuation reports that comply with HMRC demands. We approach capital gains tax valuations in a forensic way thus significantly reducing the likelihood of valuation review by District Valuer Service and subsequent fines for inaccuracies.

However, in some circumstances, the property valuation can still be subject to manual District Valuer review. With our excellent track record and experience of inner workings of HMRC and DVS, we are well-positioned to negotiate on your behalf and assert our case directly with District Valuer Service.

We have a wide reach with coverage of any geographical area within the United Kingdom. We can provide capital gains tax valuation advice on residential and commercial properties including large mixed-use portfolios situated within close and wide geographical areas across the United Kingdom.

Capital Gains Tax Valuation Experts

Frequently Asked Questions

What Is The Current Capital Gains Tax Rate?

 

Capital gains tax is dependent on your financial circumstances. You pay capital gains tax based on the applicable rate you fall into.

 

Tax Group Capital Gains Rate on Assets Capital Gains Rate on Property
Basic rate taxpayer 10% 18%
Higher rate taxpayer 20% 28%

What Is The Current Capital Gains Tax Allowance?

Capital gains allowance tends to be increased every year. However, any increase is always marginal.

  2014/15 2015/16 2016/17 2017/18 2018/19 2019/20
Individuals £11,000 £11,100 £11,100 £11,300 £11,700 £12,000
Trustees £5,500 £5,550 £5,550 £5,650 £5,850 £6,000

Capital gains allowance is not available to companies, as they may be able to claim other allowances available to them.

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I have obtained genuinely professional advice from Erikas Grig Chartered Surveyors regarding the lease extension valuation. I cannot speak highly enough of the service this company offers. In addition to competitive rates, throughout the process Erikas Grig always kept me updated and always responded to phone calls and emails almost immediately. I will certainly continue to use Erikas Grig Chartered Surveyors for future lease extensions and recommend them to anyone who wishes to obtain professional advice and valuation for Section 42 purposes.
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