Morgan Sloane

Capital Gains Tax Valuation

Property can be extremely lucrative, especially when you’ve added value to it and you’re set to make a profit on your investment. However, you may be liable to pay tax on the gains from your property sale. Instructing an independent, RICS registered Chartered Surveyor to conduct an up-to-date market valuation of your property can help you to determine how much tax you’ll be liable to pay. Here at Morgan Sloane, we offer a variety of valuation services including Capital Gains Tax valuations.

What is Capital Gains Tax?

Capital Gains Tax is a tax on the profit when you sell, or dispose of, an asset that has increased in value. Your tax obligations will be calculated on the gain from the asset rather than the selling price. 

Does Capital Gains Tax Apply to Me?

If you’re ‘disposing’ of a property which has increased in value, then it’s likely that you’ll be liable to pay Capital Gains Tax. Disposing of an asset includes: 

  • Selling it 
  • Gifting it or transferring it someone else 
  • Swapping it for something else 
  • Receiving compensation for it, for example, an insurance payout 

How to Calculate Capital Gains Tax? 

An experienced accountant will be able to help you understand, and work out, how much Capital Gains Tax you owe. By providing them with a market valuation report, they’ll be able to see if the property has increased in value since you purchased it. Generally, capital gains and losses are calculated after considering, and deducting, various factors. Some of these factors include the costs of acquisition and enhancing the asset and incidental costs of buying and selling which may include Stamp Duty Land Tax, legal fees, agent fees and more. Any tax reliefs and exemptions will also be considered. 

Why Do I Need a Property Valuation for Capital Gains Tax Purposes?

When calculating the Capital Gains Tax on a property, you’ll find that determining the market value is a crucial component. It’s important to choose a reliable, RICS registered Chartered Surveyor to conduct the valuation to ensure that it’s done accurately and efficiently. The report will detail valuable information on the worth of the property and can ensure you’re paying the correct amount.

How Can Morgan Sloane Help with a Capital Gains Tax Valuation? 

Morgan Sloane is an independent firm of chartered surveyors based in Essex. We provide building surveying and advisory services, and specialist property valuations including Capital Gains Tax Valuation reports. Our highly qualified team pride themselves on their wealth of experience, knowledge and expertise. We provide a fast, efficient and cost-effective service that is tailored to suit every client's individual needs. Get in touch with our team today, and find out how we can help you.