Is property valuation necessary for capital gains tax purposes?

In the case of an investment or commercial property, holiday home, or vacant plot of land, generally, the price at which you sell the property will be used to calculate capital increase or decrease and any tax payable.

In some instances, including if the property is given away or passed onto a family member, you will need to use the market value of the property instead of the sale price. This is when a property valuation would be required.

A valuation is the most accurate way of providing information on the value of a property asset. This can ensure the individual or entity selling the property is not charged at a higher tax rate than for what they are liable.