Residential - Probate and capital gains tax valuations
Our experience of providing capital gains tax valuations for one of London’s largest estates for a number of years together with our extensive market intelligence derived from our network of agency offices enables us to produce accurate valuations for capital gains tax and inheritance tax purposes.
Individual taxpayers, partnerships and trusts are required, under self-assessment procedures, to calculate their tax liability based on valuations they must supply.
It is important that taxpayers ensure any valuations used in their tax calculations have been calculated on the statutory basis, using best practice and experienced valuers in this specialised area of work.
In inheritance tax cases, personal representatives are required to submit an inheritance tax account which identifies all appropriate property and its value.
Valuations used by taxpayers in their computations are subject to checking by the district valuer on behalf of Her Majesty’s Revenue and Customs (HMRC). If the district valuer determines a different valuation to that supplied, and this results in a materially different tax bill, then the taxpayer could be faced with a claim for interest and in some cases, additional penalties. It is therefore good practice to employ experienced valuers to carry out such work.
Our residential valuation team is well versed in undertaking valuations as at March 31, 1982, and negotiating with the district valuer on disposal, in accordance with statutory requirements for these purposes.
We are experienced in valuing a wide range of properties from individual flats in mixed use developments, six storey terraced period houses and large mansion style blocks of flats, often with a commercial element. Typically valuations range from £1 up to £6 million and the geographical areas covered are London areas including W1, SW1, SW3, SW7, NW6 and NW8.
We also provide capital gains tax valuations on a “single asset basis” (the requirement is the part disposed of is treated as a separate asset) and on a “general basis” (the requirement is the unsold part of the property is valued). In addition, we provide capital gains tax valuations for post-transaction valuation checks (PTVC). This is a service offered by HMRC and valuations can be submitted for consideration by the district valuer in advance of the return itself.