Red Book valuations prepared for capital gains tax — current and retrospective, including March 1982 and April 2015 rebasing — reported for professional reliance and negotiated with HMRC and the District Valuer where the figure is queried.
Capital gains tax turns on two numbers: what an asset was worth when it was acquired, and what it is worth when it is sold or given away. Where either of those is not a simple purchase price — an inherited property, a gift, an asset held for decades, or a part-disposal — the figure has to be valued, and HMRC will test it. We prepare those valuations to the RICS Red Book, with the evidence and reasoning that let your accountant rely on them and that hold up if the District Valuer asks questions.
We act for individuals, trustees, companies and the accountants advising them, on residential and commercial property across London and the South East.
A valuation is required whenever a gain has to be computed without a clean arm’s length price at one or both ends — a property received by gift or inheritance, a transfer between connected parties, a part-disposal, a change of use, or the apportionment between exempt and chargeable periods on a property that was not always a main residence. Getting the figure right protects you from over-paying and from a later enquiry.
For assets held since before 31 March 1982, the gain is generally computed from the property’s value on that date rather than its original cost — ‘rebasing’ to 1982. Establishing a reliable 1982 value decades after the event is precise, evidence-driven work, and it is exactly the kind of retrospective valuation HMRC scrutinises closely. We build the figure from contemporary evidence and document it so it withstands that scrutiny.
When non-resident capital gains tax was extended to UK residential property from 6 April 2015, owners were generally able to rebase to the property’s value on that date, so that only the gain accruing after April 2015 is charged. A similar rebasing applies to UK commercial property and indirect holdings brought into charge from April 2019. Establishing a robust April 2015 value is central to computing the gain correctly, and we prepare it on the same evidenced, defensible basis.
HMRC refers CGT property figures to the District Valuer in the same way it does for inheritance tax. Where the DV queries a valuation — current or retrospective — we handle the negotiation, defend the figure on its evidence, and resolve the difference. Because the valuation is built for exactly that test from the outset, the discussion stays on firm ground.
Every valuation is director-led, reported for professional reliance, and prepared to be useful to your accountant first and persuasive to HMRC second. Fees are agreed in advance, and we are glad to talk through a matter with you or your adviser before any formal instruction so the basis and date of valuation are right from the start.
Whenever the gain cannot be worked out from a straightforward purchase and sale price — a gifted or inherited property, a transfer to a connected person, a part-disposal, or where only part of the ownership period qualifies for private residence relief. In those cases HMRC expects a professional valuation, not an estimate.
For assets owned since before 31 March 1982, the chargeable gain is generally calculated from the value on that date rather than the original cost. We prepare that historic ‘rebased’ value from contemporary evidence so the computation is correct and defensible.
When non-resident CGT on UK residential property began on 6 April 2015, owners could generally rebase to the value on that date, so only the post-2015 growth is taxed. A robust April 2015 valuation is essential to compute the gain — and a parallel April 2019 rebasing applies to commercial property.
The date-of-death value normally becomes the base cost for CGT when a beneficiary later sells. That is why an accurate probate figure matters in both directions — and why, if it was never properly established, we can value retrospectively to fix the base cost before a sale.
HMRC refers property valuations to the District Valuer. We negotiate with them directly, defend the figure on its documented evidence, and resolve the difference — the same service we provide on inheritance tax.
