We undertake valuations for a variety of reasons in connection with tax liabilities below:
Capital Gains Tax
Following the Disposal of any property which is not the principle private residence where the asset has increased in value Capital Gains Tax is payable.
Usually Capital Gains Tax is based on the difference between what you paid for an asset and how much you sold it for, but you need to submit a Market Valuation to HMRC or the District Valuer if any of the following applies:
- The property was gifted
- The property sold for less that its value
- Inherited assets
- Assets purchased before April 1982
Vickery Holman has roots back to 1848 and with a number of our current Valuation staff working within the company since the 1980’s we have internal records of transactions from the 1982 date required for Capital Gains valuations.
Inheritance Tax / Probate
These valuations reflect a Market Value as at the Date of Death. Check RICS guidance on Tax – Ruth to add in a little more wording.
These valuations are undertaken on an independent expert basis, and we can be appointed by one party to value on their behalf or more commonly as a Joint Independent Expert providing a single report for both parties. We have significant experience of providing expert reports which comply with both the Red Book and Civil Procedure Rules as quite often reports are required for Court Actions.
Stamp Duty Land Tax
When ownership of a share of a property or an entire property is to be sold or transferred, a value has to be given in order to assess the amount of SDLT payable to HMRC.
We regularly liaise with the District Valuer in connection with all of the above, and are prepared and able to handle any follow up enquiries on your behalf. The rigour applied to these valuations from HMRC continues to increase.
Name – Location
The Team for Valuation For Tax & Legal Purposes
Case studies for Valuation For Tax & Legal Purposes
Rent Review – Formal Business Park, Camborne, Cornwall Vickery Holman has recently undertaken the Rent Review of a 13,500 sq ft industrial unit and have […]
Lease Renewal – Ground Floor, Argosy House, Plymouth Vickery Holman has recently undertaken the lease renewal of the Job Centre at Argosy House. The new […]
Vickery Holman has recently undertaken both an outstanding on a Veterinary Practice rent review in Brixham, Devon on behalf of the Landlord. This rent review was unusual […]
Vickery Holman have successfully negotiated a nil increase for a nursery occupier where the Landlord was looking to increase the rent circa 15%. Acting for […]
Lease Renewal – First-Floor Office Space, Threemilestone, Cornwall Vickery Holman has recently undertaken a new lease and a first-floor office space at Green Court in […]
Lease Extension Lease extension consultancy and lease reviews remain a key service for Vickery Holman. The lease advisory team has recently undertaken a new 10-year […]