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
A ‘Red Book’ valuation carried out by a RICS Registered Valuer is recommended where it is believed that tax will be due to HMRC from a person, or estate, subject to inheritance tax. The valuation will be carried out reporting the valuation in the open market at the date of death.
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.
St Margaret’s Residences – Exeter
Vickery Holman was recently instructed to undertake a portfolio valuations for Grenadier Estates in Exeter . A former school, St Margaret’s school, which was established in 1902 and closed in 2013. The property is currently being developed into luxury houses and apartments. The property is listed and retains many beautiful original features; these include the large sash windows, wooden staircases and marble fireplaces. The valuation was complex with the site being halfway through construction and being the UK’s first EPC A rated Listed Building development.
One of our chartered surveyors was very eager to inspect the development as a former pupil of the school. Ruth Prideaux commented that ‘During my time at St Margaret’s the teachers took an interest in the individual to achieve their best. I loved my time at St Margaret’s and it was a fun environment to learn and develop in. I can see the same qualities within Vickery Holman with the ethos of nurturing talent and achieving outstanding success’.
St Margaret’s Residences are currently being marketed. For more information please contact Knight Frank, Exeter or view St Margaret’s Residences | Challenging the myth.
Please get in touch with Vickery Holman if you need a valuation of a commercial or residential property.
The Team for Valuation For Tax & Legal Purposes
Case studies for Valuation For Tax & Legal Purposes
Valuation advice provided on exclusive single new build project with build cost of £1.1 million and estimated GDV of £1.8 million. Acting on behalf of Aspire Commercial Finance in connection with a financing arrangement for a four storey, 4 bedroom, 523 sq m luxury dwelling with swimming pool, gym and integral double garage. The development […]
Vickery Holman have recently valued several guest houses and hotels within the North Devon coastal village of Lynton. With a population of around 1,200 the village is reliant on the holiday season, it is a popular tourist destination known as the ‘Little Switzerland’. Vickery Holman have a wide range of valuation knowledge across the regions […]