How do I value property if I became joint owner 6 years after purchase?
2:03 PM, 30th August 2016, 10 years ago
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I really hope you guys can help. My wife kept her property when we purchased ours. She let it out and then 6 years later we became joint owners of it.
We have sold the property. I understand how to calculate her CGT liability but, I never lived at the BTL property and as I gained the asset 6 years later how do I value the asset?
Or am I not calculating this correctly ?
Many thanks for any guidance
Mar and Bev
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Member Since August 2016 - Comments: 9
12:31 PM, 31st August 2016, About 10 years ago
Here’s the guidance
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual
http://app.voa.gov.uk/corporate/publications/Manuals/CapitalGainsTaxManual/toc.html
Good luck!
Or you could save money and ask a tax expert!
Member Since August 2016 - Comments: 3
5:03 PM, 4th September 2016, About 10 years ago
Reply to the comment left by “Ravi gupta” at “31/08/2016 – 12:06“:
Hi Ravi
Great advice. I don’t suppose you have a link to the web page. Ive searched but to no avail.
Much appreciated
Mark
Member Since August 2016 - Comments: 3
5:37 PM, 4th September 2016, About 10 years ago
Reply to the comment left by “Mark O’Dwyer” at “04/09/2016 – 17:03“:
No worries Ravi
I’ve found it. For anyone else its http://landregistry.data.gov.uk/app/ukhpi/explore
To calculate the value of a property at a chosen date.
1. Select type of property
2. insert the “from date” date property purchased
3. insert the “to date” date you want the value of property ie: 3rd quarter of 2006
To calculate value
Divide the property purchase price by the index number for date purchased
Then multiply this figure by the index number for the date you want to value the property.
Hope this helps someone.