P.O.A.T Valuations

[JimP]

If we decide to go down the route of parents paying the new poat tax what criteria do the revenue require for assesing the correct valuation for the market rent. It seems that looking at similar properties in the area the rent coul vary by several hundred pounds a month. Any help would be much appreciated.

[Anthony Nixon]

The RevenueÂ’s explanatory notes say:
"we would expect the chargeable person to take all reasonable steps to ascertain the valuations, as they would do if, for example, they were looking to let a property on the open market"

In practice your parents may be in difficulties unless they have advice from a professional valuer, instucted to advise on the basis of the criteria set out in the legislation, on the rental value.

Before you get to this stage, however, it is worth obtaining professional advice on whether your parents can escape the POAT charge in any way. This is not always possible, but a thorough review of the options is wise.

Anthony Nixon
Partner
Lester Aldridge Solicitors
Alleyn House
Carlton Crescent
Southampton
SO15 2EU

Tel: 023 8082 0442
Mob: 07881 920742
Fax: 023 8082 0441
Email: anthony.nixon@la-law.com
Website:www.lester-aldridge.com