Property Valuations for Capital Gains Tax in Kent

Capital Gains Tax Valuation Service Kent

Mylako Chartered Surveyors offer comprehensive, evidence-based reports starting from just a few hundred pounds, potentially saving you thousands in tax liabilities.

Benefits of a Capital Gain Tax Valuation

Advantages of Capital Gain Tax Valuation

Our skilled valuers ensure your property is accurately assessed, preventing overvaluation and maximising tax savings on property capital gains.

Receive Accurate Valuations

Our reports, endorsed by RICS Registered Valuers, provide detailed descriptions and transparent methodologies, ensuring accuracy and reliability.

HMRC Compliant

Our valuation reports adhere to HM Revenue and Customs (HMRC) standards, reducing the risk of errors and disputes, thus avoiding fines and penalties

Capital Gains Tax Explained

Capital gains tax pertains to the levy imposed on the earnings accrued from the sale of taxable assets, such as real estate or land.

This tax is applicable to the gains upon selling a property that isn't your primary dwelling. The payable CGT amount hinges on various factors, including the duration of property ownership, your income tax bracket, and any applicable reliefs or allowances.

When do I need a Capital Gains Tax Valuation?

Valuations for capital gains tax are frequently needed for past dates, a service our team can readily provide for a wide array 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 are calculated

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.

Specialists in Property Valuations for CGT

HMRC retains the authority to contest valuations if they suspect inaccuracies or discrepancies in reflecting the true market value of a property at the reported date. Such challenges can lead to additional tax liabilities, interest, and penalties.

Mylako Chartered Surveyors valuation service can mitigate the risk of such challenges, preventing potential overpayment of taxes. Our expert Chartered Surveyors specialise in delivering precise and compliant valuations aligned with HMRC's standards.

We can also liaise with HMRC on your behalf, though additional fees may apply based on the specifics of the case (any potential costs will be clarified prior to engagement).

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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