Property Valuations for Capital Gains Tax Fulham

Capital Gains Tax Valuation Service in Fulham

Mylako Chartered Surveyors offer comprehensive, evidence-based reports starting at just a few hundred pounds, potentially saving you thousands in tax liabilities. Here's why our Capital Gains Tax Valuation services are invaluable for property owners in Fulham.

Benefits of a Capital Gain Tax Valuation

Avoid Paying More Tax than Required

Our skilled valuers ensure your property is accurately assessed, preventing overvaluation and helping you save significantly when calculating capital gains tax.

Receive Accurate Valuations

Each of our reports is approved by RICS Registered Valuers, containing detailed descriptions and our rigorous methodology, giving you confidence that they are accurate and dependable.

HMRC Compliant

Our valuation reports comply with HM Revenue and Customs (HMRC) standards, reducing the risk of errors and disputes, and helping you avoid potential fines and penalties.

What is Capital Gains Tax?

Capital Gains Tax (CGT) is taxed on the profit gained from selling chargeable assets, such as property or land.

In Fulham, CGT is applicable to the profit made from selling a property that is not your primary residence. The amount of CGT owed on the sale depends on various factors, including how long you have owned the property, your income tax bracket, and any eligible reliefs or allowances.

When do I need a Capital Gains Tax Valuation?

Capital Gains Tax valuations are frequently required for historical dates, and our team is proficient in handling these for all types of residential and commercial properties in Fulham.

We offer historical market valuations for various scenarios specific to Fulham properties:

Gifted Assets

A Capital Gains Tax Valuation based on the market value of the property at the time it was gifted. Whether it's a charming Fulham townhouse or a riverside apartment, our valuations are precise and reflective of the local market.

Assets Sold Below Market Value

This report is based on the market value of the property on the date of sale, ensuring accurate assessment when Fulham properties are sold for less than market value to benefit the buyer.

Assets Owned Before April 1982

For properties in Fulham owned before April 1982, this valuation is determined by the market value on 31st March 1982, capturing the historical significance and growth of the area.

Inherited Assets

This report provides a Capital Gains Tax Valuation at the time of the benefactor's passing. Our expertise ensures precise and reliable valuations for Fulham property owners, no matter the circumstance.

How CGT Tax Calculations Work

Calculate the gain:

You need to calculate the gain you made on the disposal of the property. Disposing an asset can mean a sale, transfer, gift or gain in compensation.

Deduct any allowable expenses:

You can deduct certain expenses, such as the cost of renovations, from the gain to arrive at the taxable gain.

Apply any reliefs or allowances:

You may be eligible for certain reliefs or allowances that can reduce the taxable gain, such as letting relief or the annual exempt amount.

Calculate the tax:

Once you have arrived at the taxable gain, you will need to calculate the amount of CGT you owe. The current CGT rates in the UK are 18% for basic rate taxpayers and 28% for higher and additional rate taxpayers.

Report and pay the tax:

You will need to report the sale of the property and pay any CGT owed to HM Revenue and Customs (HMRC) within 30 days of the completion date.

Why choose Mylako for your Capital Gains Tax Valuation in Fulham?

HMRC can challenge your valuation if they believe that it is inaccurate or does not reflect the true market value of the property at the reported date. They have the power to investigate and dispute any tax return or valuation that they believe may contain errors or inaccuracies, which can result in additional tax liabilities, interest, and fines.

Using Mylako Chartered Surveyors to provide a valuation can help you to prevent the risk of a challenge and avoid overpaying more tax than is necessary. Our Chartered Surveyors are experts in providing accurate and compliant valuations that meet HMRC's requirements.

We are also able to negotiate with HMRC on your behalf should the District Valuer Service (DVS) raise any queries regarding the valuation (subject to possible additional fees depending on the specific case and work involved, this will be confirmed before any costs are 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 in Fulham area.

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