Capital Gains Tax Valuation Chelsea | RICS Property Surveyors

Capital Gains Tax Valuation Service Chelsea

Mylako Chartered Surveyors provide comprehensive, evidence-based reports starting from just a few hundred pounds, potentially saving you thousands in tax liabilities.

Benefits of a Capital Gains Tax (CGT) Valuation

Accurate Property Assessment

Our expert valuers ensure your property in Chelsea is assessed precisely, avoiding overvaluation and maximizing potential tax savings on capital gains.

Reliable Valuations

Our reports, prepared by RICS Registered Valuers, include detailed descriptions and transparent methodologies, ensuring accuracy and trustworthiness.

HMRC Compliance

Our valuation reports meet HM Revenue and Customs (HMRC) standards, minimizing the risk of errors or disputes, and helping you avoid fines or penalties.

What Is Capital Gains Tax?

Capital Gains Tax is levied on the profit from selling chargeable assets, such as property or land in Chelsea. It applies to property sales that are not your main residence. The amount of CGT owed depends on various factors, including the length of ownership, your income tax band, and any applicable reliefs or allowances.

When Do You Need a Capital Gains Tax Property Valuation?

Capital Gains Tax valuations are often needed for specific past dates, which our team can provide for both residential and commercial properties in Chelsea.

We offer historical market valuations in scenarios such as:

Gifted Assets: Based on the property's market value at the time it was gifted.

Assets Sold Below Market Value: Valued at the property’s market rate on the sale date.

Assets Owned Before April 1982: Assessed based on the property’s value as of March 31, 1982.

Inherited Assets: Valued at the time of the benefactor’s passing.

How Capital Gains Tax Is Calculated

Calculate the Gain:

Determine the profit made from the property's disposal, which includes sales, transfers, gifts, or compensation gains.

Deduct Allowable Expenses:

Deduct eligible costs, such as renovations, from the gain to find the taxable amount.

Apply Reliefs or Allowances:

You may qualify for reliefs or allowances, like letting relief or the annual exempt amount, to reduce the taxable gain.

Calculate the Tax:

Based on the taxable gain, the CGT rate is 18% for basic rate taxpayers and 28% for higher and additional rate taxpayers.

Report and Pay:

Report the sale and pay any CGT to HMRC within 30 days of the sale’s completion.

Book Your CGT Valuation Today

Mylako Chartered Surveyors offer accurate and compliant valuations in Chelsea to help reduce the risk of challenges and prevent overpaying taxes. Our Chartered Surveyors are experienced in providing valuations that meet HMRC standards.

HMRC may challenge valuations they believe are inaccurate or not reflective of the true market value, leading to additional tax liabilities, interest, or fines. Should the District Valuer Service (DVS) raise any queries, we can also negotiate with HMRC on your behalf (subject to potential additional fees, confirmed prior to any costs being incurred).

Mylako can support you

Whether you’re buying or selling, extending your lease, calculating your tax liabilities, or looking for a dedicated Property Manager

We were tenants in a Mylako property for three and half years. By far the best management company either of us has rented from. They're so responsive, act on things quickly and fantastic communicators. We mostly liaised with Marcela who was an absolute pleasure to do deal with throughout our tenancy; she was so helpful, professional and thorough. But all the team are fab, can't recommend them enough.

Clare

I was a tenant in a Mylako-managed flat for three years and had a very positive experience. There were clear channels for communication, and the team was very responsive and went over and above to ensure I was comfortable and safe in the flat and had all the information I needed. Marcela was particularly friendly and helpful. I would have stayed even longer if I wasn't looking for a bigger flat with my boyfriend. Even then, I first asked Mylako if they had alternatives I could look at!

Lisa Cousins

Amazing service! Renting in London can be tricky but in our case, we had Marcela from Mylako who was always available to help. They truly want the tenants to have a great stay which is rare and much appreciated!

Nienke Gras

Mylako have dealt with my concerns and challenges to do with the management of my flat and the building in a professional, courteous and timely manner. Businesses are made up of people and Mylako has some great professionals working there who take the needs and situations of their customers very seriously and it shows with the correction of issues relating to works needing to be done, accounts to be paid and a myriad of other things for which a capable and willing managing agent is essential

Alex Tanner

Eli and the team at Mylako have been kind, professional and responded quickly to any problems we had with our small rented flat. I would recommend them to others, and feel very lucky to have had their help and support behind the scenes for our seven year tenancy in Battersea.

Harriet Worsley