Valuation Service for Capital Gains Tax in Buckinghamshire

Valuation Service for Capital Gains Tax in Buckinghamshire

Mylako Chartered Surveyors offer comprehensive, evidence-based reports starting at a few hundred pounds, potentially reducing your tax obligations by a substantial amount.

Advantages of a Capital Gains Tax Valuation

Ensure Precise Taxation
Our skilled valuers guarantee that your property is not overvalued, aiding in tax savings during capital gains calculations.

Accurate Valuations
Endorsed by RICS Registered Valuers, our reports provide detailed descriptions and methodologies, ensuring they are reliable and based on evidence.

HMRC Compliance
Our valuation reports align with HM Revenue and Customs (HMRC) requirements, minimising the risk of errors and potential disputes that could lead to fines and penalties.

What is Capital Gains Tax?

Capital gains tax is the taxation of profits derived from the sale of chargeable assets, including property or land.

This tax is applicable to the profit gained from selling a property that is not your primary residence. The specific amount of capital gains tax (CGT) owed on the property sale is influenced by various factors, such as 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 are frequently needed for historical dates, a service our team adeptly provides for various residential and commercial properties.

We offer historical market valuations in the following property-related scenarios:

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

Assets Sold Below Market Value
This report is founded on the property's market value on the date of sale when assets are sold for less than their market value to benefit the buyer.

Assets Owned Before April 1982
This valuation is established on the property value as of March 31, 1982.

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

How CGT Tax Calculations Work

Calculate the gain:
It's necessary to compute the profit accrued from the disposal of the property. Disposing of an asset encompasses actions such as selling, transferring, gifting, or receiving compensation.
Deduct any allowable expenses:
You have the option to subtract specific expenses, like renovation costs, from the profit to determine the taxable gain.
Apply any reliefs or allowances:
You might qualify for particular reliefs or allowances that can lessen the taxable gain, including letting relief or the annual exempt amount.
Calculate the tax:
After determining the taxable gain, the next step is to compute the amount of Capital Gains Tax (CGT) owed. The existing CGT rates in the UK are 18% for basic rate taxpayers and 28% for higher and additional rate taxpayers.
Report and pay the tax:
Reporting the sale of the property 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?

HMRC retains the authority to dispute your valuation if they suspect inaccuracies or if it fails to reflect the true market value of the property at the reported date. They can investigate and challenge any tax return or valuation that they believe contains errors, potentially leading to additional tax liabilities, interest, and fines.

Engaging Mylako Chartered Surveyors for a valuation can mitigate the risk of a challenge and prevent overpayment of taxes. Our Chartered Surveyors specialize in providing precise and compliant valuations that meet HMRC's requirements.

Furthermore, in case the District Valuer Service (DVS) raises queries about the valuation, we can negotiate with HMRC on your behalf. Please note that possible additional fees may apply depending on the specific case and work involved, and 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
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