When do you need property assets valued for capital gains tax?

Property assets are generally valued for capital gains tax purposes when they are sold or transferred.

Often property owners may have rented out their home after living in it as a primary residence, converting it to an investment property, or vice versa. If you start renting your property it is worthwhile having it valued at this time. If the property is sold in the future, the capital gain would be calculated based on market value at the date it became income producing, not the date it was purchased. This would likely reduce the capital gain.

Tip: If a valuation was not undertaken at the time it became/ceased being used as an investment property, the Acumentis team can undertake a retrospective valuation to determine market value of the property at this time.

For CGT purposes, any market valuation must be objective and supported with appropriate sales evidence.