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CGT Now 18%
In the Budget of 2008, Chancellor Darling reduced Capital Gains Tax to 18% chargeable on any gain of a property sold or disposed of, less any personal allowances and reasonable deductions, having regard for the property's value at the date of acquisition or if before 1982 the estimated value as at April 1982.
The Practice has undertaken numerous valuations of land, farms, commercial buildings and residential properties that were not the owners' principal private residence in order
to establish the property's base value as at April 1982.
This was the year that the General Belgrano was sunk at the beginning of the Falklands War,
Laker Airways went bankrupt
.
Mark Thatcher got lost in the Sahara Desert during a car
rally and De Lorean Cars finally went bust after substantial investment from the tax payer.
The valuations are undertaken in accordance with RICS Valuation Standards Manual and having due regard for Section PS3.2, the accepted definition of Market Value
'
The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion'.
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