From 6th April 2015, Capital Gains Tax (CGT) will become payable by all non-resident individuals (as well as non-resident trustees, partners, and companies) on gains made from sales of residential property in the UK.
Gains will of course accrue from 6th April and, having spoken directly with HMRC in the last few days, it has been recommended that the best approach will be to arrange an up-to-date valuation of your property just after the relevant date so that both you and HMRC will know exactly how much your property is worth. Otherwise when you come to sell the property later on, a retrospective valuation will be required which will cost more to commission and may also be subject to closer scrutiny/analysis by HMRC.
HMRC confirm that a valuation from an RICS Registered Valuer will be acceptable to them to calculate any capital gains made in future.
Providing you with a Capital Gains Tax valuation is a service Lamar Chartered Surveyors can offer you, and surveys booked via lamarsurveyors.co.uk are entitled to a 10% discount on fees.
Lamar Chartered Surveyors specialise exclusively in the survey and valuation of residential property and, since establishment in 2014, we have assessed upwards of 1,000 properties for lending, taxation and other purposes. The company directly employs RICS Registered Valuers.
In addition we can carry out a Condition Survey to see whether there is any maintenance/repair required which goes over and above what might be picked up in a regular inventory.
We are happy to answer any further questions you may have and look forward to hearing from you shortly if you would like to take up our offer.