Capital Gains Tax Valuation Kensington | RICS Property Surveyors

Capital Gains Tax Valuation Service in Kensington

At Mylako Chartered Surveyors, we offer comprehensive, evidence-based Capital Gains Tax (CGT) valuation reports in Kensington, starting from just a few hundred pounds. Our reports could potentially help you reduce your tax obligations by a few thousand pounds.

What are the Benefits of a Capital Gain Tax Valuation Service?

Avoid Paying More Tax than Required

Our expert valuers specialise in ensuring that your Kensington property is accurately valued, helping you avoid overpaying CGT when selling or transferring ownership.

Receive Accurate Valuations

Our valuation reports, signed by RICS Registered Valuers, are prepared with detailed descriptions and clear methodologies, ensuring they are both accurate and reliable.

HMRC Compliant

Our CGT valuation reports fully comply with HM Revenue and Customs (HMRC) requirements, minimizing the risk of disputes, which can result in fines and penalties.

Understanding Capital Gains Tax

Capital Gains Tax is a tax on the profit made from selling chargeable assets, such as property or land in Kensington.

CGT is specifically charged on the profit made from selling a property that is not your main residence. The amount of CGT payable depends on several factors, including the duration of property ownership, your income tax band, and eligibility for reliefs or allowances.

When do I need a Capital Gains Tax Valuation?

Capital gains tax valuations are often required for historical dates, and our team is equipped to provide these for all types of residential and commercial properties in Kensington.

We can provide historical market valuations in scenarios such as:

Gifted Assets: A CGT Valuation based on the market value of the property at the time it was gifted.
Assets Sold Below Market Value: This valuation is based on the market value of the property on the date of sale.
Assets Owned Before April 1982: This valuation is based on the property value as of 31st March 1982.
Inherited Assets: This report provides a CGT valuation at the time of the benefactor passing.

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 Use a RICS Registered Valuer for Your Kensington CGT Property Valuation?

Mylako Chartered Surveyors provide valuations that help to prevent the risk of challenges and overpayment of taxes. Our Chartered Surveyors are experts in delivering accurate and compliant valuations that meet HMRC’s requirements.

HMRC may challenge a valuation if they believe it doesn’t accurately reflect the property’s true market value at the reported date. They have the authority to investigate and dispute any tax return or valuation they believe may contain errors, leading to additional tax liabilities, interest, and fines.

Our team can also negotiate with HMRC on your behalf if the District Valuer Service (DVS) raises 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).

RICS Registered Valuers South West London

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

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

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

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