Capital Gains Tax Valuation Service Surrey
Mylako Chartered Surveyors provide detailed,
evidence based reports, from as little as a few hundred pounds, that could help
you reduce your tax obligations by a few thousand pounds.
Benefits of a Capital Gain Tax Valuation
Avoid Paying More Tax than Required
Our expert valuers can ensure
that your property is not overvalued and help you save tax when calculating the
capital gains on a property.
Receive Accurate Valuations
Our reports are signed off by RICS Registered Valuers and include detailed descriptions and our methodology so you can have peace of mind they are evidence based reports that are accurate and reliable.
HMRC Compliant
Our valuation reports meet HM
Revenue and Customs (HMRC) requirements and minimise the risk of potential
errors and potential disputes, which can result in fines and penalties.
What is Capital Gains Tax?
Capital gains tax pertains to the levy imposed on profits generated from the sale of taxable assets, such as property or land.
This tax applies specifically to the gains upon selling a property that isn't your primary residence. The CGT amount owed upon property sale is determined by various factors, including the duration of property ownership, your income tax bracket, and any applicable reliefs or allowances you qualify for.
When do I need a Capital Gains Tax Valuation?
Historical market valuations for capital gains tax purposes are frequently necessary, and our team is adept at providing them for all categories of residential and commercial properties.
We offer historical market valuations in various scenarios related to property, including:
1. Gifted Assets:
- Capital gains tax valuation based on the property's market value at the time it was gifted.
2. Assets sold below market value for buyer benefits:
- This report relies on the property's market value on the date of sale.
3. Assets owned before April 1982:
- Valuation based on the property's value as of March 31, 1982.
4. Inherited Assets:
- Providing a capital gains tax valuation at the time of the benefactor's passing.
How CGT Tax Calculations Work
RICS Registered Valuers Surrey
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).
