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Where Taxpayers and Advisers Meet

Historic house valuation

doctoppo
Posts: 16
Joined: Sun May 16, 2010 6:57 am

Historic house valuation

Postby doctoppo » Sun Oct 04, 2015 2:20 pm

I Provided the money for my mother to purchase her council house in 1989, the house was transferred into my name in 1997,i presume my capital gains liability begins at that point ? The councils market valuation in 1989 was £45000 the purchase price £18000 my mother is about to go into care so the house will be sold,how can I get an accurate valuation for 1997 which the inland revenue will accept.
I would be grateful for any advice.I

Peter D
Posts: 10668
Joined: Wed Aug 06, 2008 3:37 pm

Re: Historic house valuation

Postby Peter D » Sun Oct 04, 2015 2:53 pm

You will need a local RICS surveyor to value the property for that date. Regards Peter

doctoppo
Posts: 16
Joined: Sun May 16, 2010 6:57 am

Re: Historic house valuation

Postby doctoppo » Sun Oct 04, 2015 3:50 pm

Thank you very much Peter.

King_Maker
Posts: 6538
Joined: Wed Aug 06, 2008 3:22 pm

Re: Historic house valuation

Postby King_Maker » Mon Oct 05, 2015 10:27 am

Was there some sort of provision made for your mother to continue to live in the property - (say) rent free etc?

If so, there may be no CGT to pay on its sale.

You would need to check the paperwork etc when the original purchase was made.

doctoppo
Posts: 16
Joined: Sun May 16, 2010 6:57 am

Re: Historic house valuation

Postby doctoppo » Mon Oct 05, 2015 1:33 pm

I purchased the local authority property in July 1989 in my mothers name,she has always lived there rent free and I carry out any repairs etc,i also pay the buildings insurance.

King_Maker
Posts: 6538
Joined: Wed Aug 06, 2008 3:22 pm

Re: Historic house valuation

Postby King_Maker » Mon Oct 05, 2015 2:20 pm

I purchased the local authority property in July 1989 in my mothers name,she has always lived there rent free and I carry out any repairs etc,i also pay the buildings insurance.
If the potential CGT is significant, it may be worthwhile obtaining professional advice on whether PPR exemption applies, even after 1997.

bd6759
Posts: 3107
Joined: Sat Feb 01, 2014 3:26 pm

Re: Historic house valuation

Postby bd6759 » Mon Oct 05, 2015 9:00 pm

If the potential CGT is significant, it may be worthwhile obtaining professional advice on whether PPR exemption applies, even after 1997.
DR was abolished for residences acquired after 5 April 1988


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