Capital Gains Tax Valuation Service Surrey

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.

What is Capital Gains Tax?
When do I need a Capital Gains Tax Valuation?

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

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.

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).


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Whether you’re buying or selling, extending your lease, calculating your tax liabilities, or looking for a dedicated Property Manager
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