Capital Gains Tax Valuations
Professional Capital Gains Tax Valuations
Independent, evidence-based property valuations to assist individuals, trustees, executors and professional advisers with Capital Gains Tax matters.
A property valuation may be required when calculating a taxable gain, particularly where the original purchase price cannot be used, the property has been gifted or transferred, or a historic value must be established.
Goldsmiths provides carefully researched residential and commercial property valuations throughout Northamptonshire, Peterborough and the surrounding areas, prepared for the relevant valuation date and purpose.
Clear Valuation Advice for Tax Purposes
Capital Gains Tax is generally calculated by comparing the value or acquisition cost of an asset with the value received when it is disposed of, subject to the applicable costs, allowances and reliefs.
In certain circumstances, HMRC requires the property’s open-market value to be used instead of the amount paid or received. This can apply to gifts, transfers between connected people and transactions that were not completed at arm’s length. HMRC defines market value as the price an asset might reasonably be expected to achieve in an open-market sale.
Our role is to establish an objective and properly supported property value. Your accountant or tax adviser can then use that valuation when preparing the relevant Capital Gains Tax calculation or return.
When You May Need a Capital Gains Tax Valuation
We can provide property valuations in connection with:
- The sale of a second home
- The disposal of a residential investment property
- The sale or transfer of a buy-to-let property
- Transfers between connected parties
- The disposal of inherited property
- Transfers into or out of a trust
- Changes in beneficial ownership
- The sale of development land
- The disposal of part of a property or parcel of land
- Properties acquired before 31 March 1982
- Retrospective or historic valuation requirements
Where an asset was owned on 31 March 1982, a valuation at that date may be needed for rebasing purposes. HMRC’s guidance states that the property must be valued as it existed at that date, taking account of its ownership, occupation and physical circumstances at the time.
Valuations at the Relevant Date
A Capital Gains Tax valuation may need to establish a property’s value at a current or historic date.
This means the valuation is not necessarily based on what the property is worth today. Our valuer researches market conditions, comparable transactions and the property’s circumstances at the required valuation date.
The assessment may consider:
- The property’s location, type and size
- Its condition at the valuation date
- Tenure and occupancy arrangements
- Land, garages and associated buildings
- Development or redevelopment potential
- Planning permissions and restrictions
- Comparable property transactions
- The interest or proportion of the property being valued
- Any factors that may have affected marketability
What Our Service Includes
Depending on the instruction, our Capital Gains Tax valuation service may include:
- An inspection of the property
- Review of ownership and tenure information
- Confirmation of the appropriate valuation date
- Research into current or historic market evidence
- Assessment of the open-market value
- Consideration of development potential where relevant
- A clear written valuation report
- Supporting comparable evidence
- Liaison with accountants, solicitors and tax advisers, if necessary
- Assistance with subsequent valuation queries
The exact scope of our service will be confirmed at the outset and tailored to your particular circumstances.
Independent Evidence for HMRC
Property valuations submitted for tax purposes may be considered by HMRC and the Valuation Office Agency. A professionally prepared report provides a transparent explanation of the valuation, the evidence considered and the basis on which the figure was reached. HMRC’s property valuation guidance covers freehold, leasehold and jointly owned interests in land and buildings.
Our reports are prepared by qualified professionals in accordance with the applicable RICS Valuation – Global Standards and UK requirements.
Valuation Advice, Not Tax Advice
Goldsmiths provides the professional property valuation required to support a Capital Gains Tax assessment.
The calculation of any tax due, available reliefs and filing requirements should be discussed with your accountant or specialist tax adviser.
THE GOLDSMITHS DIFFERENCE
Why choose Goldsmiths?
RICS Regulated
Regulated by RICS for your peace of mind.
Experienced
Over 60 years supporting property owners.
Independent Advice
Unbiased, professional and practical guidance.
Local Experts
Strong knowledge of Oundle, Northamptonshire, Peterborough and the surrounding property market.
Do You Need a Capital Gains Tax Valuation?
Tell us about the property, the relevant valuation date and why the valuation is required. Our team will review the details and provide a clear quotation for the appropriate service.
RICS Regulated & Registered Valuers
All valuations are prepared in accordance with the RICS Valuation - Global Standards (Red Book).
Our valuation work is carried out by RICS Registered Valuers, giving clients additional assurance that recognised professional and regulatory standards are being followed.
