Capital Gains Tax Valuations
When a property owner sells or disposes of a property asset which has seen an increase in value since its acquisition capital gains tax becomes due and need to be paid. This is simply calculated on the gains in value.
Capital gains tax is payable regardless if the property is sold, traded, or gifted to someone else. The amount payable is also dependent on the seller’s taxable income, the gain, and any entitled income tax reliefs. Sellers may still need to pay capital gains tax on property assets sold at a loss if their total taxable gains for the year exceed their tax-free allowance. Contact Wood Croft Chartered Surveyors for more information.