Capital Gains Tax Valuation

Capital Gains Tax for a Probate Valuations

A Capital Gains Tax Valuation can be carried out if a Probate Valuation has not been carried out before or when HMRC contest the Probate Valuation. If there has been a Probate Valuation then you will pay a percentage of the difference between the agreed and accepted probate valuation and the actual sale price of the property, subject to various allowances. Obtain further advice from your Chartered Accountant.

Capital Gains Tax for non UK Residents Selling Residential Properties

The new CGT (capital gains tax) charge on non-residents will be focussed on ‘property used or suitable as a dwelling’ i.e. a place that currently is, or has the potential to be used as a residence.

The rules regarding who is in the scope of the new charge will vary depending on whether you are a, Partnership, Individual, Trustee, Shareholder, Pension fund, non-resident company, Foreign REITs (real estate investment trust). These rules may vary and you should take further advice.

A disposal of rights to acquire a UK residential property ‘off plan’ before construction will be treated as if it was a disposal of an interest in a completed property.

Residential property used for letting purposes will be included in the charge, as would be the case for UK residents.

There will be exclusions for residential property with a communal use, such as boarding schools, nursing homes and certain types of student accommodation etc. The rules regarding exclusions should be checked and you should obtain further professional advice from a Chartered Accountant.

Principle private residence relief may be available in certain circumstances. The effective date for charges is 6th April 2015.

Always obtain professional advice from your Accountant and Legal advisor, before you instruct an Accredited Valuer to carry out such a Valuation.

The figure provided in this type of Valuation report would be utilised in calculating your tax liabilities. We cannot provide any warranty that a Valuation we carry out will be accepted by HMRC (Her Majesty’s Revenue and Customs) as it may be subject to a negotiated settlement with the Valuation Office, which could lead to a higher or lower figure being agreed with HMRC for the calculation of taxation.

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