Under the Taxation of Chargeable Gains Act 1992 you may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell property that is not your main home. At LBB our experienced valuers can help you work out your ‘gain’ for tax purposes.
Your gain is usually the difference between what you paid for your property and the amount you received when you sold it, although often there can be a change in the ownership of a property without a clear price being paid.
For example a property might be given as a gift, inherited or it might have been sold for less than its full value. Sometimes when the ownership of a property changed years ago there are no accessible records of the transaction, so argument can arise as to the correct value to use when assessing any tax payable.
We can assist in such situations by guiding you to the correct value you need to calculate the amount of any tax payable.
For further information, please contact: Justin Bennett BSc (Hons) FRICS ACIArb