Capital Gains Tax Valuation Service in Essex

Capital Gains Tax Valuation Service in Essex

Mylako Chartered Surveyors furnish comprehensive, evidence-based reports, available from just a few hundred pounds, with the potential to substantially reduce your tax obligations by several thousand pounds.

Advantages of a Capital Gains Tax Valuation

Prevent Overpayment of Taxes
Our proficient valuers can ensure that your property is accurately valued, aiding in tax savings when calculating property capital gains.

Ensure Precision in Valuations
Reports, endorsed by RICS Registered Valuers, encompass detailed descriptions and methodologies, providing assurance that they are evidence-based, accurate, and dependable.

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

What is Capital Gains Tax?

Capital gains tax pertains to the taxation of the profit derived from the sale of chargeable assets, such as 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?

Capital gains tax valuations are often required for historical dates which our team is able to complete for all types of 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 compute the profit earned 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, 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 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 current CGT rates in the UK stand at 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 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
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