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Valuations for Tax Purposes

There are a number of reasons why you or a client may require a house valuation for tax purposes. These can be applied to any property and include Annual Tax on Enveloped Dwellings (ATED), Capital Gains Tax (CGT), Inheritance Tax/Probate, Stamp Duty Land Tax, Corporation Tax and Income Tax.

Appointing a skilled Chartered Surveyor and Registered Valuer is crucial to any commercial valuation for tax purposes. You are much more likely to avoid the inconvenience and expense of an HMRC challenge.

This is because there is much less likelihood that they will investigate a development valuation for tax purposes prepared by a Chartered Surveyor and Registered Valuer. In their own words: "HMRC will be able to enquire into returns and challenge valuations but they will normally be able to accept valuations prepared by a professional property Valuer."

Copping Joyce Surveyors provide comprehensive valuation reports for tax purposes with detailed descriptions, photographs and explanation of the methodology adopted. The report will help the Inland Revenue and the Valuation Office Agency to understand the rationale of our industrial valuation for tax purposes and accept the figures reported.

Frequently Asked Questions 
Capital gains tax is a payment due to HMRC on any profit made when you sell a chargeable asset that has increased in value. So if you sell your home, you may require a house valuation for tax purposes.

As surveyors, we provide valuations that confirm the market value of property on a given date to assist you in calculating the tax due for capital gains made on property sales or transfers. 

We can provide historical market value valuations in the following situations related to property:

  • Gifts – Date of gift
  • Assets sold for less than worth to help the buyer – Date of sale
  • Inherited assets where you do not know the inheritance tax value – Date of death
  • Assets owned before 31st March 1982
If you are selling, transferring ownership, swapping or giving a gift of property or land, you may be liable to capital gains tax.
You will need to report and pay tax if the taxable gains are above the capital gains tax allowance.

If your total gains are less than the tax-free allowance, you will still need to report your gains in your tax return if both of the following apply:

  • The total amount you sold the assets for was more than four times your allowance
  • You’re registered for self-assessment
You need to work out if you need to pay capital gains tax when you inherit an asset only if you later dispose of it, not at the point of inheritance.

Inheritance tax is applicable at this time and is usually taken care of by the estate of the person who has died.
An accurate commercial valuation for tax purposes could help you reduce your capital gains tax contributions by thousands of pounds.
ATED is an annual tax payable by companies that own or part own UK residential property valued at more than £500,000.

You need to complete an ATED tax return if your property is:

  • Owned or partly owned by a company, partnership or collective investment scheme
  • A dwelling (when all or part of the property is used, or could be used as a residence, for example a house or flat, and includes any gardens, grounds and buildings within the property) in the UK
  • Was valued at more than £500,000 on the 1st April 2017 (or at a later purchase date)
If your company owns or partly owns a UK residential property valued at more than £500,000, you need to submit an annual tax return for enveloped dwellings (ATED) on or after 1st April in each tax year.

In such circumstances, you will need a commercial valuation for tax purposes.

If you are unsure whether you fall into ATED brackets, please contact our Valuations team for advice.
The current valuation date for ATED purposes is 1st April 2017. 

We can carry out a house valuation for tax purposes at this date if owned on or before that date.

  • For properties owned on or before 1st April 2017, the valuation date is 1st April 2017.
  • For properties owned AFTER 1st April 2017, the valuation date is the date that you acquired the property
In the UK, Probate is the legal and financial processes involved in dealing with the money and assets (including property) of somebody who has died. 

If you have been named the Executor or Administrator of an estate, you need to be given a “grant of representation” – i.e. be granted “probate” – to have the legal right to pass on or sell their assets as directed in the person’s will.

One of the first criteria of being granted probate is to provide an accurate valuation of the estate, which includes the deceased person’s property, belongings and cash, minus any debts.

This valuation for tax purposes will help HMRC to work out if Inheritance Tax is due on the estate and, if so, how much. Inherited properties can be sold only once probate has been granted.
A probate valuation is required when property (houses, buildings or land) is owned by the deceased and the property assets don’t pass directly on to heirs or beneficiaries.
  • Initial advice in respect of the valuation
  • Inspection of the property to generate a commercial valuation for tax purposes
  • Reporting the Market Value at the applicable valuation date
  • Negotiating with HMRC should they raise any queries regarding the value provided (Please note that this element could incur additional costs depending on the level of work required, but this will be confirmed with you before any costs are incurred)
  • Consultation prior to the valuation to ensure any specific concerns you wish to be considered in the inspection