Property Valuations for CGT Purposes & Capital Gains Tax Valuation

If you sell your London property, you’ll need to pay capital gains tax, which is usually based on the profit from the sale. However, in some situations, you’ll need a professional market valuation from a qualified RICS registered valuer in London.

At Harding Chartered Surveyors, we remove the stress from calculating and paying capital gains tax by providing accurate and timely valuations. Whether you’re selling an inherited property or want to calculate your tax obligations on a buy-to-let home, we can help you.


How does capital gains tax affect London residents?

You need to pay capital gains tax when you sell or ‘dispose of’ an asset that’s increased in value. Your tax obligations are calculated on your gains rather than the selling price. If you bought a house in London for £200,000 and later sold it for £500,000, you’d pay tax on the gain of £300,000.

Regarding capital gains tax, disposing of an asset can mean:

  • Selling it
  • Trading it for another asset
  • Gifting if to somebody else
  • Gaining compensation, such as an insurance payout

The amount you pay depends on your taxable income, the gain and any entitled income tax reliefs. If you’re a higher rate taxpayer, capital gains tax is equal to 28% on gains from residential properties and 20% on gains from other assets.
You may still need to pay capital gains tax on assets which sold at a loss if your total taxable gains for the year exceed the tax-free allowance. Contact our RICS registered valuers for more information.

 

When Do I Need a Market Valuation to Calculate Capital Gains Tax?

Usually, capital gains tax is based on the difference between what you paid for an asset and how much you sold it for, but you need to submit a market valuation to HMRC or the district valuer if any of the following situations apply:

  • Gifts
    Capital gains tax is based on the value’s property on the date it was gifted.
  • Assets sold for less than their value to benefit the buyer
    Capital gains tax is based on the property’s market value at the time of the sale.
  • Inherited assets
    Capital gains tax is based on the property’s market value at the time of the benefactor’s passing.
  • Assets purchased before April 1982
    Capital gains tax is based on the property’s value on the 31st of March 1982.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
Karen Ng

22:30 01 Jul 19

Very efficient service and very detailed report. We are very satisfied.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
Lily Kwong

10:38 24 Jun 19

Really quick turn around and professional service.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
Neill Ghosh

14:22 11 Jun 19

Have used for years and always been very happy. Competitive on service and always good on deadlines and quality. Recommended.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
Kevin Loughlin

20:27 28 Mar 19

The surveyor turned up on time as planned to survey the roof, both inside and out, then was happy to discuss it all with us afterwards. Bit tricky in high winds. Report arrived 2 days later, just what we needed. Professional and thorough. Recommended.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
Jon Brennan

09:44 01 Mar 19

Quick, responsive and very thorough. Would definitely recommend Hardings to others, and will come back to them the next time I need a survey completed.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
Abi and Andy La Fontaine

20:57 20 Feb 19

Quick, efficient and excellent service. Came as a recommendation from a friend and we’d happily recommend too.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
A Google User
16:25 16 Dec 18

Thorough and professional surveyors. Very happy with their service. Highly recommended.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
A Google User
15:54 10 Nov 18

Good, thorough, and promptly scheduled homebuyer survey in Fulham. The surveyor called me and explained everything clearly.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
A Google User
14:12 18 May 18

We had two homebuyers surveys conducted by James. He was extremely knowledgeable, transparent and went the extra mile to inform my girlfriend and I of the results of each survey. Would highly recommend.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
A Google User
10:41 29 Apr 18

I highly recommend David. Very good technical knowledge. He was always available for our questions, which included a detailed call on the same day as the survey. The written survey report was clear, detailed and included pictures and estimates of the cost of repairs.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
A Google User
11:16 09 Jan 18

David gave us a fantastic service and has been a huge help during our property purchase process. We have had 2 surveys carried out, both of which were arranged very promptly. Thorough and extremely useful telephone calls and full written reports were received shortly afterwards. David’s reports and advice have been invaluable to us.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
Sarah Dixon

14:13 08 Jan 18

I have worked with David and his team as a buying agent for many years now. The service they offer is an excellent one, timely with a commonsensical approach. I would recommend them to anyone.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation
Elif Erdine

14:30 04 Oct 17

Very experienced firm and friendly staff. Highly recommended.

Property Valuations for CGT Purposes & Capital Gains Tax Valuation

Why obtaining a capital gains tax valuation for a London property is beneficial

By obtaining a capital gains tax valuation from a RICS registered valuer, you can:

  • Gauge Your Property’s Accurate Value
    Let our RICS registered valuers give you an independent and impartial house valuation.
  • Avoid Paying More Tax than Necessary
    Don’t pay additional capital gains tax on overvalued London homes.
  • Appeal to the District Valuer
    Obtain the evidence you need to raise a dispute if your tax obligations have been miscalculated.

Is a capital gains tax valuation a worthwhile investment?

From as little as a few hundred pounds, you can obtain an accurate capital gains tax valuation that could help you reduce your tax contributions by thousands of pounds. Plus, you’ll have the required evidence to challenge or raise a dispute.
At Harding Chartered Surveyors, we’re a team of experienced RICS registered valuers and surveyors that work independently of banks and lenders, meaning you can rest assured we have your best interests at heart. Call us today on 020 3598 6730 to speak with a qualified valuer directly.