Capital Gains Tax: What is it and Why Do I Need a Valuation?

Capital Gains Tax: What is it and Why Do I Need a Valuation?

What is Capital Gains Tax?

When you sell an asset (in this case, a property) that has increased in value since you bought it, you will be charged tax on the gain that you have made. This does not apply to you if you only have one home and you have lived in it for the entire time that you’ve owned it.

When do I need a valuation?

A valuation is required when you come to sell the property in order to calculate any capital gains that have been made – the only certain way for HMRC to accept the valuation is if it is carried out by a RICS regulated valuer. If you would like to find out more about valuations for tax purposes, or would like to book a valuation, get in contact with us today on 01249 569010.