Accurately valuing property assets is critical, especially when capital gains tax is a key concern. The site in question, a former single residential site in west Cornwall, required a professional valuation for tax purposes, with a focus on its historic value as at May 2021.
Similar to other assets, development land can also be liable for taxation on any gain. In order to fulfil capital gains tax obligations and calculate any liability, a value must be determined. Given the potential complexities involved such as fluctuating land values and external changing factors such as market trends, economic conditions and planning policy, determining such value requires knowledge and expertise.
This is where an RICS Redbook Valuation becomes essential. It provides a thorough and professional appraisal that adheres to global standards, ensuring the valuation is both accurate and defensible in the face of tax authority scrutiny. Without such a valuation, there’s a risk of mis valuation, which can cause financial discrepancies and complicate tax compliance.
Using local and technical expertise we were able to advise on the historic value of the site, aiding in a wider informed decision making process and accurate calculation of such gain on the land.
Vickery Holman have a team of experienced RICS accredited valuers across the south west who frequently undertake tax valuations and work closely with many accountants and professionals to offer a seamless process during a complicated process.
Our experienced team is ready to assist with unparalleled regional advice.
