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Capital Gains and Inheritance Tax

The following is a brief outline of relevant issues; it is not a comprehensive guide, for specific enquires contact Property Taxation Services.

Valuation for both purposes are carried out on the basis set out in the RICS Appraisal and Valuation manual at UK GN 3.

The basis is complex and may lead to a material variation from a valuation carried out on a normal open market valuation.

It follows a hypothetical basis where reality “must not stand in the way of statute”.

This allows, for example, the ascribing of value to assets such as agricultural tenancies, which cannot be traded in the open market as a matter of law.

The basis of valuation gives considerable scope for informed manipulation; this may provide a favourable result for either HMRC or the taxpayer.

Informed pragmatic advice is essential.

  • Apportionments of land in relation to principal private residence relief to maximise the area of garden and grounds that are subject to relief is a specialised area on which detailed advice can be provided.
  • Apportionments for SDLT purposes between the chargeable interest and ‘other matters’, which may contain goodwill are complex and often subject to disputes with HMRC unless dealt with appropriately.
  • Valuations for “Chose in Action”, which arise where an asset is sold for a consideration now and the right to receive future consideration or profit share are difficult but part of our service.
  • To carry our successful tax planning for individuals and Corporates the tax advisors need to know what the values will be, and what position the Inland Revenue will take.
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