Capital Gains Tax Valuation Service
Mylako Chartered Surveyors provide detailed, evidence based reports tailored for properties in Hammersmith. Our services start from as little as a few hundred pounds, that could help you reduce your tax obligations by a few thousand pounds.
The Benefits of a Capital Gain Tax Valuation
Avoid Paying More Tax than Required
Our local expert valuers are familiar with the Hammersmith property market, ensuring your property is not overvalued, helping you save on capital gains.
Receive Accurate Valuations
Our reports are signed off by RICS Registered Valuers, include detailed descriptions and our methodology specific to the Hammersmith area, ensuring accuracy and reliability.
HMRC Compliant Reports
Our valuation reports meet to HM Revenue and Customs (HMRC) requirements, minimising the risk of errors and disputes, which could result in fines and penalties.
What is Capital Gains Tax?
Capital gains tax (CGT) is a tax on the profit made from selling chargeable assets, such as property or land.
In Hammersmith, CGT is charged on the profit from selling a property that is not your main residence. The amount of CGT you will pay on the sale of a property depends on several factors, including how long you have owned the property, your income tax band, and any reliefs or allowances you are eligible for.
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 in Hammersmith.
We offer historical market valuations in any of 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 for less than market value
This report is based on the market value of the property on the date of sale, particularly when the sale price was set to benefit the buyer.
Assets owned before April 1982
This Valuation considers the property's value as of 31st March 1982.
Inherited Assets
This report provides a Capital Gains Tax Valuation at the time of the beneficiary's passing.
How CGT Tax Calculations Work
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.
You can deduct certain expenses, such as the cost of renovations, from the gain to arrive at the taxable gain.
You may be eligible for certain reliefs or allowances that can reduce the taxable gain, such as letting relief or the annual exempt amount.
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.
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.
RICS Registered Valuers for CGT Property Valuation
Mylako Chartered Surveyors provide valuations that can help you to prevent the risk of a challenge and avoid overpaying more tax than necessary. Our Chartered Surveyors are experts in providing accurate and compliant valuations that meet HMRC's requirements.
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.
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).
Surveyors Covering Hammersmith and Fulham
Whether you’re buying or selling, extending your lease, calculating your tax liabilities, or looking for a dedicated Property Manager