adonaghy Posted June 12, 2018 Report Share Posted June 12, 2018 I’m aware some members have disposed of some of their property recently and wonder if anyone can help with my query. I’m selling my daughter a house that was once our home for approx 7 years and let it out for 7 years. I’m aware I can claim letting relief and relief for the time it was my home. I’ve handed it over to my daughter and she’s improving the property over the next few weeks at her expense. I’m concerned now that as I’m not able to officially sell her it at a reduced price until my mortgage deal runs out on 1st October, She will have raised its value by then! Please can anyone tell me what proof of valuation the taxman will seek from me to substantiate my calculations. I’ve been told to go to an estate agent by a friend but surely they will inflate the price if they think I’m selling on open market or tell me to clear off when they know I’m not actually selling through them. Thanks in advance Link to comment Share on other sites More sharing options...
Richlist Posted June 13, 2018 Report Share Posted June 13, 2018 You could ask either an estate agent or a surveyor to provide a valuation. An estate agent is likely to inflate the valuation but it will be free ( just tell them you are thinking of putting it on the market but need to know what it will sell for). A surveyors valuation will not be free but will be less likely to be inflated. Your eventual CGT calculation sounds likely to be complex so surely you will have an accountant produce your tax return.....if so, approach that accountant now for his/her advice. Link to comment Share on other sites More sharing options...
adonaghy Posted June 13, 2018 Author Report Share Posted June 13, 2018 Thanks Richlist, I’ve been paying tax through PAYE for the rental and haven’t had to employ an accountant. Would an accountant deal with this as an isolated transaction? Link to comment Share on other sites More sharing options...
Grampa Posted June 13, 2018 Report Share Posted June 13, 2018 most surveyors just go into local estate agents offices and use their valuation as basis of theirs. Link to comment Share on other sites More sharing options...
Richlist Posted June 13, 2018 Report Share Posted June 13, 2018 The OP could always ask the surveyor what his method will be. There are separate tax sheets to complete for CGT which are quite straightforward if the matter is simple. Personally I'd get an accountant to do the CGT bit. The sums involved with CGT can be very large. Getting it right & making sure you claim everything you are entitled to can make a big difference to your tax bill. Find a local accountant, I'm sure they will take the job on. If the property is one of many similar ones in your area it's very easy for you to find out online now much similar /same property has recently sold for. That way you can challenge any formal valuation that doesn't match. Link to comment Share on other sites More sharing options...
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