Our extensive experience and knowledge of the residential property market means we are able to provide statutory tax valuations including for Capital Gains Tax, Inheritance Tax and ATED (Annual Tax on Enveloped Dwellings) purposes.
We have a long history of providing valuation advice to landlords and tenants relating to the matters under the Leasehold Reform Act 1967 (as amended) and the Leasehold Reform Housing and Urban Development Act 1993 (as amended). We were involved in the first Collective Enfranchisement case in London and have been active in the area ever since. Our work includes negotiating and agreeing premiums for lease extension and freehold purchases primarily in Central London.
Ground rents can be complicated. As a specialist investment class our exposure to the market through our investment and auction transactions provides us with a detailed knowledge of the sector. Our expertise covers both reversionary leases and more income driven non-reversionary investments.
Capital Gains Tax: non-resident owners UK property
Previously non-residents did not have to pay Capital Gains Tax (CGT) when selling UK residential property. However, from 5 April 2015, CGT is payable by non-residents disposing of UK residential property on gains accrued after that date.
Our Residential Valuation team recommend that non-residents should have their properties re-valued as at 5 April 2015 for use in future CGT calculations, as and when these become necessary.
The alternative would be to commission (following a disposal) a retrospective valuation (as at 5 April 2015), which may not arise for many years. Retrospective valuations are typically less robust than market valuations that were prepared contemporaneously (with associated notes and photographs) and, as a result they may be less capable of withstanding challenge by Her Majesty’s Revenue & Customs (HMRC). They are also generally more expensive to commission as they require greater and retrospective research.
Valuation of a flat in Grosvenor Square for Capital Gains Tax and ATED purposes
Carried out and agreed numerous lease extension premiums within a substantial block in Bayswater on behalf of the landlord.