Javea Grapevine Issue 176 - LARGE FONT EDITION | Page 79

should always take
proper professional
advice from the Inland Revenue concerning your own
very personal circumstances - they
are extremely patient
and very helpful.

It is important to get a
valuation now rather
than later as, using a
system known as “rebasing”, your gain or
loss can be based on
the “real” value of the
property at the beginning of April 2015.

Yes, seriously, they
are - their helpdesk
(more than anyone
else) appreciates how
complex these new
changes are and how
many of us genuinely want to do the right
thing, but are worried
we will get it wrong.

Until April 2016 the
However HMRC has personal Annual Exto be convinced that empt Amount is set at
the valuation was fair, £11,100.
reasonable and totalIf you sell an inheritly independent.
ed property, or if you
NB: A full independ- represent a Trust, this
ent survey may cost will vary - but most of
between £500 - £700. us will have the norHowever, having an mal allowance.
honest and inde- With a base value for
pendent report from your property (the
a Quantity Surveyor independent valuamay well help to sell tion), when it sells,
your house as it you will then have a
is an extra USP that sale value.
any buyer is likely to
appreciate, not least You can then apply
as it shows your ab- a system that HMRC
solute confidence in call “rebasing”.
the property you are
trying to sell. Hope- Under this scheme
fully, it will also justify you will only be liable
your asking price.
for the difference in

However, as a very
rough guide,
the
generic
info that
follows is what
I
understand will apply
to most of us.
If you are likely to be liable for Capital Gains
Tax and are thinking
about selling your
property in the UK,
consider getting a full,
independent valuation, in writing, ASAP.

When the house sells
and you are left with
a capital sum, you
will have an annual
allowance for Capital
Gains against which
you can claim (if you
haven’t used it up that
year, already).