Vickery Holman were instructed to undertake a valuation for Capital Gains Tax purposes on an industrial unit in Helston, Cornwall. The instruction provided for a specific valuation date of 01 December 1988, whereby the property had finished being constructed. We confirmed with the client the parameters and detail of the property as at the valuation date including specification, accommodation provision, fit out, size, service connectivity and planning consents.
As the valuation date is in the past, it is vital these factors are confirmed in writing in order to ensure the valuation reflects the subject property with the specific valuation date.
When undertaking historic valuations, the lack of historic comparable evidence can pose a significant difficulty to valuers. However, the valuation needs to be as robust as possible, given the potential impact for the client in tax.
Alongside an internal archive of historic data, Vickery Holman also has the benefit of Registered Valuers who have worked for the company since the 1980’s, enabling us to draw on a breadth of experience, which is crucial when undertaking valuations for any purpose. In order to arrive at our opinion of value, we reviewed the hard copies of marketing particulars and analysed historic sales evidence as at the valuation date. We were also able to cross reference our comparable data with the Valuation Office Agency’s ‘Property Market Report 1982’ which was prepared as a source for historic property values and to aide in the calculations of Capital Gains Tax in the future.
After undertaking a detailed methodology approach and analysis, we were able to report to the client with our opinion of value. In summary, RICS Red Book valuations provide a robust framework for Capital Gains Tax calculations, assisting in the process of financial planning. Whether you’re selling, gifting, or inheriting property, seeking professional advice from a RICS Registered Valuer ensures compliance and the provision of an accurate and reliable valuation.
In the instance where a capital gains tax valuation is required, one of our RICS Registered Valuers would be delighted to help.
Our experienced team is ready to assist with unparalleled regional advice.
