Capital Taxation Flashcards
(135 cards)
1
Q
What is the statutory basis for capital gains tax?
A
The Taxation of Chargeable Gains Act 1992
2
Q
What is the statutory basis for IHT?
A
Inheritance Tax Act 1984
3
Q
What is the statutory basis for SDLT?
A
The Finance Act 2003
4
Q
What is the basis of value for IHT and CGT?
A
Market value defined as:
The value the property is expected to sell for if sold on the open market.
The price is not assumed to be reduced on the grounds that the whole property is to be placed on the market at the same time. I.e flooding the market
5
Q
How does the basis for CGT and IHT differ from market value?
A
For IHT/CGT the value of the properties are not assumed to be reduced because the market has been flooded.
6
Q
What did the Duke of Buccleuch case set out?
A
Large estates should be ‘prudently lot’ to achieve the best possible price for the property.
7
Q
What did the Lady Fox case set out? (3 key points)
A
That the property must be valued as it actually existed at the date of valuation.
Even if a prudent seller would likely make some changes or alterations to the property before putting it up for sale.
Thirdly the property is assumed to be capable for sale in the open market even if in reality there are restrictions on sale that prevent it from being the case.
E.P.R
Existed. Prudent. Restrictions.
8
Q
Where is the definition of market value for IHT found?
A
Section 160 IHT Act 1984
9
Q
What is UK VPGA 15?
A
Replaces UKGN3
Provides an overview of the statutory basis of market value for IHT, CGT, SDLT and ATED.
10
Q
What is ATED?
A
Annual tax on enveloped dwellings
ATED is an annual tax payable mainly by companies that own UK residential property over £500k
11
Q
What is inheritance tax?
A
This taxes the transfer of assets on death and those made during life, in particular this includes gifts made within the last seven years of life.
12
Q
What is the date of valuation for IHT?
A
The moment before death.
This was designed to ensure interests that terminate on death are treated as part of the estate.
13
Q
What is the IHT threshold?
A
£325,000
14
Q
What is the tax rate for IHT?
A
40%
15
Q
What is the nil rate band for IHT?
A
The value of an estate that is not subject to IHT (under £325,000).
16
Q
Can the nil rate band for IHT be transferred?
A
Yes, if your estate is being inherited by your spouse or partner they inherit your nil rate band. This means that when they die they can leave an estate worth £650,000 that’s free from inheritance tax.
17
Q
When is the standard 40% rate used in IHT?
A
On amounts over £325,000
18
Q
What reliefs are available for IHT?
A
Quick succession relief - this is to prevent estates being decimated by successive beneficiaries dying within a short time of each other.
Agricultural relief - 100% up to £1m, 50% over £1m (owned for 2 years prior to death)
Woodland relief
Business property relief - 100% on business and shares in unlisted company, 50% on shares in unlisted company or property held in a trust (owned 2 years prior to death)
Fall is in value relief - where the transfer occurs at a high point in the market and after this date a sale occurs at a lower value. Essentially the relief applies for sales within three years of death. Actual sale is substituted from value at date of death.
19
Q
What is exempt from IHT?
A
Foreign properties owned by a person living abroad
Transfers between husband and wife or between civil partners are exempt. This applies to both lifetime and death transfers
Annual exemption of £3,000 for lifetime transfers
Outright gifts of up to £250 to any one person are exempt
Lifetime transfers as wedding gifts
Transfers to charities
20
Q
Why did HMRC instruct you to value at 1982?
A
Valuing as at 31st March 1982 as instructed in The Finance Act 1988.
The reason behind the rebase is that the 1970s saw significant inflation in the UK and it was deemed to be unfair to tax people on the growth in the value of their assets that was simply due to increases in general prices.
21
Q
How would you complete a 1982 valuation working outside of the VOA?
A
I would use one or all of the following methods:
- Property market reports on the national archives website available on public domain
- EIG 1982 records
- Interrogate my companies records where possible
22
Q
What does undivided shares mean in IHT?
A
Where a land interest has joint owners or owners in common where each owner shares an entitlement to a share in the property.
Such shares are held under a trust of land.
23
Q
Why did you carry out desktop valuations for your IHT cases?
A
Had sufficient information to do from the desk
Agreed with client – in working agreement with HMRC
24
Q
Tell me about Wight and Moss v CIR (264 EG 935) 1982 case (Nellie Wight)
A
Provides us with important guidance on the valuation of undivided half-shares, where a co-owner was in occupation of the property at the valuation date.
Undivided half share in a dwelling house fell to be valued, following the death of one of the joint owner-occupiers.
The DV valued on the basis of the vacant possession value of the house divided by two and then deducting 10%.
The Tribunal approved the DV’s approach though it increased the final deduction to 15%.
Percentage of 10 is derived from the decision in Cust
15% - if in occupation
10% - if not in occupation
25
What is a leasehold?
A leasehold agreement is where you occupy a property interest for a defined period of time from the freeholder.
26
What effect does a short leasehold have on value?
Depends on terms but generally will decrease property value
27
What is the leasehold enfranchisement method?
Leasehold enfranchisement is the process you go through to either extend your lease, or purchase a share of the freehold
28
What law relates to undivided shares for valuations on or after 1 January 1997?
Trusts of Land and Appointment of Trustees Act 1996 (TLATA)
29
What law related to undivided shares for valuations before 1997?
Law of Property Act 1925
30
How do you calculate capital gains tax?
Work out the difference between what was paid for the property and the amount received when sold.
If the gains are over the yearly allowance then tax is due.
e.g. you bought a house for £200,000 and sold it for £250,000. You would have a gain of £50,000
31
What are chargeable assets in relation to CGT?
Assets you pay capital gains tax on when you sell
32
What are examples of chargeable assets CGT?
Most personal possessions worth £6,000 or more apart from your car
Property that is not your main home
Your main home if you’ve let it out, used for exclusive business purposes or its larger than 5,000 sqm
Any shares not in an ISA or Personal equity plan (PEP)
Business assets
33
You do not pay Capital Gains Tax when you sell (or ‘dispose of’) your home if what applies?
You have one home and you’ve lived in it as your main home for all the time you’ve owned it
You have not let part of it out - this does not include having a lodger
You have not used a part of your home exclusively for business purposes (using a room as a temporary or occasional office does not count as exclusive business use)
The grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
You did not buy it just to make a gain
If all these apply you will automatically get a tax relief called Private Residence Relief and will have no tax to pay. If any of them apply, you may have some tax to pay.
34
What is important to remember when valuing undivided shares in land?
Need to remember that I am valuing the particular interest which the transferor has. Not the whole property (Walton v CIR, 1995)
35
What rights does a hypothetical vendor in an undivided share agreement have?
Right to receive appropriate portion of net income
Appropriate share of net sale proceeds
Right to occupy unlet property jointly with other co-owners.
36
What discounts are to be applied when valuing an undivided half-share interest?
10% - where other co-owner is not in occupation and the purpose behind the trust no longer exists
15% - where the other co-owner is not in occupation, but they have a clear right to occupy as main residence and the purpose behind the trust still exists
15% - where the other co-owner is in occupation as their main residence.
37
What RICS guidance relates to capital taxation valuations?
VPGA 15 – UK Red Book supplement
38
Why and how did the IHT rules change?
Residence nil rate band of £175,000 was introduced due to rising property prices
More and more people have been pulled into inheritance tax in recent years.
The property allowance was introduced to help people leave property to family without being hit with large tax bills.
Crucially, you only qualify for this new allowance if your estate includes a property that you’ve used as a home at some point in your life.
39
Does the inheritance tax property allowance apply if I’m not married?
If you are single and have a property in your estate, your heirs will benefit from the main residence nil-rate band.
This means you’ll have the £325,000 nil-rate band, plus an extra £175,000 in 2022-23.
Unmarried couples will not be able to inherit their partners unused nil-rate bands which in effect, double the amount that can be passed on.
40
Why do you inspect properties for IHT?
If we are presenting an alternative value to HMRC we must have undertaken an inspection
Unless: HMRC instruct otherwise, sales particulars are sufficient, recent VOA inspection has occurred, inspection is not safe.
41
How does IHT gifting work?
If you give away your home but continue to live in it rent-free until your death, you’ll be deemed to be the beneficial owner, and it will still be taxed as part of your estate when you pass away.
If you give away a home within your lifetime, it will be classed as a potentially exempt transfer, meaning inheritance tax may be charged if you die within seven years of making the gift.
If the gifts are worth less than the £325,000 allowance, they’ll be added to your estate to work out your taxable estate.
42
Are you aware of any new leasehold reform acts?
Leasehold Reform (Ground Rent) Act 2022
The Leasehold Reform (Ground Rent) Act 2022 comes into force on 30 June 2022, except for retirement properties where it will not come into force before 1 April 2023.
It puts an end to ground rents for new, qualifying long residential leasehold properties in England and Wales.
After the Act comes into force, ground rent in most new leases cannot legally be for anything more than “one peppercorn per year”. This “peppercorn rent” means that no money can be legally charged or paid as ground rent on leases regulated by this Act.
43
Talk me through the reliefs for CGT
Private Residence Relief
You do not pay Capital Gains Tax when you sell (or ‘dispose of’) your home if:
1. you have one home and you’ve lived in it as your main home for all the time you’ve owned it
2. you have not let part of it out - this does not include having a lodger
3. you have not used a part of your home exclusively for business purposes (using a room as a temporary or occasional office does not count as exclusive business use)
4. the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
5. you did not buy it just to make a gain
44
Talk me through the reliefs for SDLT
First time buyer’s relief
- 0% on first £300,000 and 5% on the remainder up to £500,000
- If the purchase price is more than £500,000 you cannot claim the relief and you must pay the standard rates on the total purchase price.
Multiple dwelling relief
- Abolished and no longer applicable to transactions post 01 June 2024
- You can claim relief when you buy more than one dwelling where a transaction or a number of linked transactions include freehold or leasehold interests in more than one dwelling.
- If you claim relief, to work out the rate of tax HMRC charge:
divide the total amount paid for the properties by the number of dwellings
work out the tax due on this figure
multiply this amount of tax by the number of dwellings = total (must exceed 1% of total price)
The minimum rate of tax under the relief is 1% of the amount paid for the dwellings.
Charity relief
Compulsory purchases
House builder buys a customer’s home
45
Talk me through the exemptions for CGT
ISA or PEP.
UK government gilts and bonds
Betting or lottery winnings
Main home
46
Talk me through the exemptions for SDLT
- no money or other payment changes hands
- property is left to you in a will
- property is transferred because of divorce or dissolution of a civil partnership
- you buy a freehold property for less than £40,000
- you buy a new or assigned lease of 7 years or more, as long as the premium is less than £40,000 and the annual rent is less than £1,000
- you buy a new or assigned lease of less than 7 years, as long as the amount you pay is less than the residential threshold or non-residential threshold of SDLT
47
What are the Capital Gains Tax rates?
Chargeable assets/Commercial – 18% lower rate 24% higher rate
Residential – 18% lower rate 24% higher rate
48
What are PETs?
Potentially Exempt Transfers – aka lifetime transfers
Enables an individual to make gifts of unlimited value which will become exempt from Inheritance Tax (IHT) if the individual survives for a period of seven years.
If you don’t survive the gift by seven years, the PET becomes a Chargeable Consideration, and is added to the value of your estate for IHT
49
What are the SDLT thresholds?
From 01 April 2025, SDLT starts to apply:
- £125,000 for residential properties
- £300,000 for first time buyers buying a resi property worth £500,000 or less
- £150,000 for non-resi land and properties
50
What is the permitted area?
Section 222 of Taxation of Chargeable Gains Act 1992
Legislation allows a permitted area of up to 0.5 hectares (1.23 acres) of garden/grounds or larger if required for the enjoyment of it as a residence
51
When was ATED first introduced?
01 April 2013 - Finance Act 2013
52
What are the IHT assumptions?
8 assumptions:
- Hypothetical sale
- Vendor is a hypothetical, prudent and willing party
- Purchaser is a hypothetical, prudent and willing party
- The vendor would divide the property into natural lots to achieve the best possible price
- All arrangements for the sale to take place have been carried out prior to the valuation
- The property is offered for sale on the open market
- Adequate publicity or advertisement before sale takes place
- Valuation reflects the bid of any special purchaser in the market
53
What discount is applied to shares in commercial property?
James Anston St Clair Ford case
-10% as no right to occupy
54
What is the key influence on an undivided share?
Whether the court would grant an order for sale (affected by right to occupy)
55
In what circumstances would courts not grant an order for sale?
- If displacing the co-owner entitled to occupy
- Where the purpose of the trust has not been fulfilled by still can be, the purpose still exists
56
Where is the definition of ATED contained?
S98 Finance Act 2013
57
What is an estate?
The total value of the assets on death
58
What is woodland relief?
Relief is given by leaving out of account the value of the trees or underwood, but not the value of the land on which they are growing.
Deceased's ownership of the land must extend for five years immediately preceding death.
59
Who decides whether the relief is applicable?
HMRC have the ultimate responsibility for deciding the extent of the estate and whether or not a particular estate satisfies the requirements for relief.
The role of the VOA is to provide informed professional advice on what qualifies as agricultural property and any consequential valuations.
60
Can you use hindsight when undertaking valuations?
This should be treated with caution. The parties at the valuation date would have acted on information that was available to them at that time.
61
What is the base date for CGT?
If the acquisition was before 31st March 1982 then this date is used. If it is after this date then the date of acquisition is used. This is defined in the Taxation of Chargeable Gains Act.
62
What case law applies to private residence relief?
Longson v Baker (2001)
The court equated the word required with necessary. While it might be pleasant and an amenity to have plenty of land around the house, it must be necessary in order to reasonably enjoy the particular dwelling.
63
What are the two ways of owning a undivided share?
Joint tenancy and a tenancy in common
64
What is a joint tenancy?
On the death of one of the tenant's his or her interest automatically passes to the remaining tenants with the ultimately surviving tenant gaining the whole interest.
65
What is a tenancy in common?
Each tenant has a distinct undivided share that does not automatically pass to the other tenants on death. Tenancies in common are held in trust for the tenants.
66
Which is the most common, joint tenancy or tenancy in common?
Joint tenancy
67
What is a share worth?
Generally it has not been considered that the right will be worth the share's arithmetical fraction of the whole due to a degree of uncertainty with a share as to if and when the property will be sold. This will make it less attractive to a potential purchaser and a purchaser would expect some discount.
68
What discount would you apply if there were minority shareholdings?
Discounts would range from 15-22.5%
69
How is ATED calculated?
This is a self-assessment valuation and is related to the market value of the property in question.
The MV is currently assessed as at 1 April 2012 or the date of acquisition (whichever is later).
70
How did you undertake a valuation for CGT in 1982?
I undertook a valuation of a residential property in Smethwick. The acquisition date was prior to 31st March 1982 so this was the valuation date. I firstly established if the property had been altered or extended since this date. I looked at comparable sales in the locality using both our internal sources and external sources such as CDB. Without any evidence to the contrary, I assumed average condition of the subject. The evidence supported a value of £10,000 which was lower than the returned value of £16,000. I reported this to HMRC.
71
What is hope value?
The market value of a property with the expectation of gaining planning permission for development.
72
How would you reflect hope value?
The approach has generally been to consider the value of the property with planning permission and then to make deductions for deferment, risk and uncertainty to reflect the lack of planning permission at the valuation date.
Foster v HMRC - top down approach
73
What deductions did you make for hope value and how did you decide?
Case law has established the appropriate deductions for hope value.
In my particular case, neighbouring properties had sold off land and gained planning permission to erect new dwellings so in line with Fifield v IRC, a 15% deduction was made from the full development value as it would be unreasonable to prevent residential development.
Prosser - if only 50% chance of getting planning permission, 75% deduction from the full development value
Honeychurch - if 5-10 years for planning permission to be granted, 35% deduction from full development value
74
What information is required in determining hope value?
- Planning history of the subject property
- Details of the planning policies
- Details of planning decisions on other similar sites in the locality
- Details of any sales of the subject property or comparable sales in the locality that reflect hope value
- Details of any options to purchase the subject property or comparable sites in the locality at prices that reflect the value for development.
75
What was the market doing in 1982?
Bank of England Base rate was 13%.
The average house price was around £23,000.
76
What if the taxpayer doesn’t like the figure you have returned in a valuation?
The valuation is always negotiated with the taxpayer or the taxpayers agent prior to reporting. If there is no agreement reached, a defendable on appeal report is issued to HMRC. This is a report which states the figure you feel the property is worth, which, if taken to tribunal, would be defendable.
77
What if you were asked to provide two CGT Valuations, one at 1982 and one at 2010 but the property had been improved?
Provided the improvements were physically visible at the date of the most recent valuation, expenditure on improvements is classed as an allowable expense so it is deducted from the disposal costs prior to accounting for any indexation or taper relief.
78
How is CGT calculated?
Acquisition costs are normally the price paid for the asset.
Incidental costs of acquisition such as surveyor’s fees, legal fees, SDLT etc. may be deducted from the valuation.
During the period of ownership the owner may have extended or improved the property. This can be deducted from the disposal proceeds.
79
Have you undertaken an investment valuation for IHT purposes?
Yes - Residential, Moseley.
Three-storey end-terraced dwelling built pre-1900s. Traditional brick construction with pitched tiled roof. Ten self-contained flats. On initial review of the case, the VR looked too low so I undertook a joint inspection to ascertain the condition. All flats were tenanted at the valuation date so I obtained the tenancy details in order to undertake an investment valuation. Having sourced a market rent from comparable evidence, I determined that the current passing rents were in line with market rent, and therefore a rack rented approach could be adopted. I then sourced a market yield from comparable evidence in order to capitalise the market rent. This resulted in a figure of £800,000. This was cross-checked against similar properties in the locality. I provided this evidence to the agent who subsequently agreed with my evidence and rationale.
80
What was the yield and type of yield adopted in your investment valuation of the flats in Moseley?
8.5% gross yield
81
What age was the residential property you valued in Smethwick, and how could you tell?
Pre-1900s Victorian terrace
- Flemish Brick Bond
- Slate tiled roof
- Tiled floors in porch and hallway
- Date engraved
82
What age was the residential property you valued in Moseley, and how could you tell?
Pre-1900s Victorian terrace
- Flemish Brick Bond
- Slate tiled roof
- Tiled floors in porch and hallway
- Date engraved
83
What is a regulated tenancy?
Residential tenancies created before 15 Jan 1989.
Gives the tenant the right and security to remain in the property for life at a lower than market rent. The rent can only be increased every two years through an application to the Rent Officer.
The security of tenure can be passed on to other occupants if they were in occupation for 2 years prior to the death of the original tenant.
84
What implications do regulated tenancies have on the valuation?
The valuation could be anywhere from 50-85% of their vacant value. Auction sales give good guidance as to discounts available.
Consider the age of the tenant and whether there is a possibility of succession.
Generally unmodernised properties as no incentive to undertake major improvements because of the low rent. Discount attracts a good level of interest from investors.
85
Assured tenancy vs assured shorthold tenancy?
Assured tenancy - security of tenure but at open market rental levels. Not as onerous as regulated tenancies but will still have a negative influence on the valuation as landlord cannot readily gain control.
Assured shorthold - fixed-term period. At the end of this period, the landlord can grant a new tenancy or recover possession. This will only be reduced minimally from vacant possession given the landlord's rights to repossess.
86
Is the rate of tax for IHT always 40%?
No - if 10% of assets are given to charity, remaining estate is taxed 36%
Tapering relief for gifts - anywhere from 8% - 40%
87
Is the valuation date always the date of death?
No - could be the date of gift
88
What enables the VO to hold such historic data (1982 sales)?
89
Was the 1982 case tenanted and if so, what type?
Yes it was tenanted - a regulated tenancy under the Rent Act 1977
90
1982 case - what was the VR and what was your opinion of value?
VR = £16,000 but my opinion = £10,000
91
1982 case - How was the case reported and who to?
Signed report sent via PDF to HMRC and verified email address
92
1982/IHT case - Is it a full valuation report?
No - stripped down version as per our service level agreement with HMRC
93
1982/IHT case - What does the stripped down report contain?
Opinion of value, valuation date, name of the valuer
94
How did you weight/rank your IHT evidence?
Comparable sales evidence most like-for-like to the subject in terms of size, age, location, construction, quality, date of sale is the best evidence.
95
50% share - Did you know if the co-owner was in occupation?
Yes it was specified in the instruction.
96
What other case law other than Wight v Moss relates to undivided shares?
James Anston St Clair v HMRC
Charkham v CIR
97
If you didn't accept the returned value, what would be the next steps?
Notify the client and arrange an inspection of the property.
98
If your opinion of value was slightly different to the returned value what would you do?
If it is within the range of evidence, I would accept it.
99
Hope value case - How did you know the property was 1960s?
Low pitched roof, L-shaped, larger windows and open plan
100
Were you competent to value a property in Shrewsbury?
Yes - I am experienced with valuing residential and commercial properties and used appropriate comparable evidence to back up my values. I also sought sign off from a senior surveyor.
101
With hope value, what other method could you have used instead of the comparable method?
Residual method
102
Hope value - How did you decide what the development would be? What did you look at?
I considered the local planning policy and agreed planning applications in the locality and it seemed that residential development was the most likely. There was no commercial units in the locality.
103
Hope value - Did you value this property on a £/acre or plot basis?
Plot basis.
104
What case law created the assumption that all preliminary arrangements have been made for the sale?
Duke of Buccleuch v IRC
105
What is prudent lotting?
The vendor would divide the property, i.e. asset to be valued into whatever natural lots would achieve the best overall price
106
Name two pieces of case law relevant to prudent lotting
Duke of Buccleuch v IRC and Ellesmere v IRC
107
For your CGT case in Smethwick, why was the valuation date 31st March 1982?
Deemed acquisition date from TCGA 1992 s.35(2), previously in Finance Act 1988 s.96 but now repealed.
108
1982 case - Why did you assume average condition for the comparable evidence?
I stated my assumptions as the condition of the properties at the valuation date was unknown
109
Regarding your residential in Sutton Coldfield, what case law tells us that hope value should be accounted for in the valuation?
Palliser v HMRC
110
Why do undivided shares attract any discount?
Risk, management, can be more difficult to sell
111
What discount would you apply to a 50% share on a residential property where the co-owner had no right to occupy?
10%
112
What discount would you apply to a 50% share where the co-owner was in occupation at the valuation date?
15%
113
What discount would you apply to a 50% share on a commercial investment property?
10%
James Anston St Clair-Ford case
114
What discount would you apply to a 50% share where the co-owner was not in occupation but had a right to occupy?
15%
115
Name case law for minority shares
Charkham v CIR
116
For capital gains tax, what would be the deemed acquisition date for a property acquired in 1960?
31st March 1982
117
What are the steps in determining APR?
Section 117- Occupation for the purpose of agriculture. This is the responsibility of HMRC.
Section 115 - Identification of agricultural property. Is it character appropriate. Undertaken by VOA.
118
How do you determine whether a property is character appropriate for agricultural relief?
This is a matter of judgement. Is the farmhouse proportionate in size and nature to the requirements of the likely farming activities to be conducted on the agricultural property by a typical fit farmer occupying the property for the purposes of agriculture as at the date of transfer/death.
119
Is there any case law in relation to whether a property is character appropriate for agricultural relief?
McKenna v HMRC (2006):
In this case it was decided that a 7 bed Cornish house with 45ha of farmland and other land was not a farmhouse and even if it was, it was not character appropriate to the land. Farms with a house that size had more land.
120
You valued a property consisting of self-contained flats, what did you consider when valuing this?
Prudent lotting - whether the best possible price would be lotting the flats individually or together.
121
What are the SDLT bands?
122
1982 example - How did you cross reference this value?
Scaled back the disposal price and reviewed the Property Market Report 1982.
123
1982 example - What is the Property Market Report 1982?
It provides general indicative historical values for a range of property types.
124
Which country do SDLTs apply to?
England and Northern Ireland
125
What were the issues being faced at 1982?
High inflation (approx 14-15%), miner's strikes and the Falkland's War
126
Hope value - Did you do a residual valuation?
I sourced comparable land sales with planning permission for single dwellings similar to that of the subject, and valued it on a per plot basis and its value fell in line with the comparables. I did then carry out a residual to double check my value, so I considered the value of the built property less costs and 20% profit and its also fell in line with the VR.
127
Hope value - Did you consider marriage value?
In line with legislation/case law I valued the assets in the most profitable way, which in this scenario was prudently lotting the items and selling independently, as per the Duke of Buccleuch case.
128
How do you quantify the special purchaser's bid?
Greenbank v Pickles
- one bid over the normal purchase price
In reality you consider the special purchaser reasonably expected in the market at the valuation date and consider it on a case by case basis.
129
L3 Moseley - Why did you decide to adopt two methods of valuation?
To cross check my valuation. There was sufficient comparable evidence but as the property was rented an investment method provided a more accurate picture of the subject.
130
L3 Moseley - Does the RICS have any recommendations regarding valuing investment portfolios?
DCF
131
L3 Moseley - What tenancies were in place at the valuation date? What impact did that have on the valuation?
Assured shorthold tenancies
132
L3 Hope Value - Is the 0.94 acres within the permitted area for land?
Yes - 0.38 hectares
133
L3 Hope Value - Did your opinion of value for the main property change once you decided the land had hope value?
No - was within the range of values
134
L2 Smethwick - Why was the valuation non-negotiable?
135
Key changes to Cap Tax not already discussed?
Pensions liable to IHT from 2027
£325,000 threshold frozen until 2030
