Nicholas and Co. Surveyors Offer Specialised Capital Gains Tax Valuation Services

Nicholas and Co. Surveyors are pleased to offer specialised services in Capital Gains Tax (CGT) valuations, catering to UK and non-UK residents with property interests. Understanding the complexities of CGT is crucial for property owners who are selling, gifting, demolishing, or transferring their properties, and Nicholas and Co. are here to simplify the process.

Understanding Capital Gains Tax

Capital Gains Tax is levied on the profit from the disposal of property, including sales, gifts, demolitions, transfers, or assignments. The acquisition cost is typically the price paid for the asset after introducing the tax. However, different rules apply to UK and non-UK residents for assets acquired before the introduction of CGT.

Key Valuation Dates

For UK residents disposing of properties not classified as their main residence and acquired before 31st March 1982, the valuation as of 31st March 1982 is used as the deemed acquisition cost. Nicholas and Co. boasts an extensive database of property values from 1982, enabling accurate valuations for CGT purposes.

For non-UK residents, properties acquired before 5th April 2015 use the valuation as of 5th April 2015 as the deemed acquisition cost. It is highly recommended for non-UK residents to obtain a valuation report for future record-keeping and CGT reporting.

Compliance and Standards

Nicholas and Co. Surveyors are experts in conducting valuations in line with the practice statements in the RICS Valuation Standards and specifically adhere to the RICS Guidance Note (UKGN3) for CGT, Inheritance Tax, and Stamp Duty Land Tax valuations. The basis of valuation for CGT purposes is the Market Value, as defined by Section 272 of the Taxation of Chargeable Gains Act 1992. This definition aligns with the Royal Institution of Chartered Surveyors' interpretation, ensuring the valuation reflects the price the property might fetch in an open market scenario.

Current Projects

Nicholas and Co. Surveyors are currently undertaking a valuation for the property at 41 Bishops Court, 76 Bishops Bridge Road, London, W2 6BE, dating back to 5th April 2015, for CGT purposes. This initiative highlights the importance of obtaining accurate and compliant valuations for non-UK residents disposing of properties acquired before 5th April 2015.

Nicholas Zorpidez, Founder of Nicholas and Co. Surveyors, commented, “At Nicholas and Co. Surveyors, we aim to make Capital Gains Tax valuations straightforward and accurate. Our team ensures you get precise and timely valuations to help manage your property transactions effectively.”

For more information or to schedule a valuation, please contact Nicholas and Co. Surveyors:Telephone: +44 1992 939 201
E-Mail: enquiry@nicholassurveyors.com

If you’re interested in how Nicholas & Co. Surveyors can help you, please contact us today.

Telephone: +44 203 633 5370 / +44 1992 939 201

E-Mail: enquiry@nicholassurveyors.com