Chartered Surveyors and Valuers Berkshire

Chartered Surveyors and Valuers Berkshire

Mylako Chartered Surveyors offer thorough and evidence-supported reports starting at just a few hundred pounds. These reports have the potential to significantly decrease your tax liabilities by several thousand pounds.

Advantages of a Capital Gains Tax Valuation

Avoid Paying More Tax than Required

Our skilled valuers can guarantee that your property is accurately valued, preventing overvaluation and assisting in tax savings during the calculation of property capital gains.

Receive Accurate Valuations

Our RICS Reports, featuring comprehensive descriptions and our methodology. This ensures you can be confident in the reliability and accuracy of these evidence-based reports, providing you with peace of mind.

HMRC Compliant

Our valuation reports align with the requirements of HM Revenue and Customs (HMRC), mitigating the risk of errors and disputes. This adherence helps prevent fines and penalties that may arise from such issues.

What is Capital Gains Tax?

Capital gains tax pertains to the tax levied on the profit derived from the sale of chargeable assets, such as property or land.

When it comes to a property that is not your primary residence, capital gains tax is applicable on the profit made from its sale. The specific amount of CGT you are obligated to pay in the property sale hinges on various factors, including the duration of property ownership, your income tax bracket, and any eligible reliefs or allowances.

What is Capital Gains Tax?
When do I need a Capital Gains Tax Valuation?

When do I need a Capital Gains Tax Valuation?

Valuations for capital gains tax purposes are frequently needed for past dates, and our team is proficient in conducting such assessments for various residential and commercial properties.

We can provide historical market valuations in any of the following scenarios related to property:

Gifted Assets
A Capital Gains Tax Valuation based of the market value of the property at the time it was gifted

Assets sold for less than market value to benefit the buyer
This report 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 on the 31st March 1982.

Inherited Assets 
This report provides a Capital Gains Tax Valuation at the time of the benefactor passing.

How CGT Tax Calculations Work

Calculate the gain:
It is necessary to determine the profit from the property's disposal. The term "disposing of an asset" encompasses actions like selling, transferring, gifting, or gaining compensation.
Deduct any allowable expenses:
You have the option to subtract specific expenses, such as renovation costs, from the overall gain to calculate the taxable gain.
Apply any reliefs or allowances:
You might qualify for specific reliefs or allowances, such as letting relief or the annual exempt amount, which can diminish the taxable gain.
Calculate the tax:
After determining the taxable gain, the next step is to compute the amount of Capital Gains Tax (CGT) owed. In the UK, the prevailing CGT rates stand at 18% for basic rate taxpayers and 28% for higher and additional rate taxpayers.
Report and pay the tax:
Reporting the property sale and settling any Capital Gains Tax (CGT) owed to HM Revenue and Customs (HMRC) must be done within 30 days of the completion date.

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

HMRC retains the authority to dispute your valuation if they suspect inaccuracies or a lack of alignment with the actual market value of the property at the reported date. They possess the ability to scrutinise and challenge any tax return or valuation that they perceive as containing errors, leading to potential consequences such as additional tax liabilities, interest, and fines.

Opting for Mylako Chartered Surveyors to conduct the valuation can mitigate the risk of a challenge and prevent unnecessary overpayment of taxes. Our Chartered Surveyors specialise in providing precise and compliant valuations that adhere to HMRC's standards.

In cases where queries arise from the District Valuer Service (DVS), we can also engage with HMRC on your behalf, though additional fees may apply based on the specific case and work involved. Any potential costs will be confirmed before 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
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