Capital Gains Tax
chargeable gains act 1992
Capital Gains Tax is payable when you sell a property that is not your home and it increases in value from the time of purchase.
CGT is calculated by applying two valuations; one at the time of purchase and the other at the time of sale.
Our valuations are undertaken in accordance with Section 272 of The Taxation of Chargeable Gains Act 1992 (as amended) and RICS Guidance Note 3.
After you have received your report and should the valuation be disputed by the District Valuer, it may be necessary for us to negotiate with them on your behalf. With over 40 years of experience of the Central London property market, we are well positioned to robustly argue your case.
As of 5 April 2015, new regulations for Capital Gains Tax for non-residents
As of 5 April 2015, new regulations for Capital Gains Tax for non-residents apply if you sell a residential property and do not live in the United Kingdom.
These rules apply to any residential property within the United Kingdom, including those being built or developed for residential use. Some properties are excluded, such as those designed for communal use, for example, halls of residence of an educational institution and nursing homes.
It is generally advised that a valuation for CGT purposes is undertaken as close as possible to the valuation date as supporting comparable evidence will be easier to obtain.
We understand that the ‘legalese’ and industry-specific terminology can be confusing. If this section of our site leaves you wanting more information, please contact us today or click on the instant chat widget at the bottom of this page! – and one of our customer service advisors will be happy to answer any questions you may have.