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VOA valuation abatement
grmolly
Posts: 1 Newbie
In 1998 our mother gifted her house to myself and my brother, she continued to live in the house until her death in 2012.
In preparation to pay CGT we have agreed a 1998 open market value with the VOA but they are wanting to reduce this value by 16% because they say that the property did not have vacant possession.
Is it normal to value a gift in this manner and is 16% a reasonable amount?
In preparation to pay CGT we have agreed a 1998 open market value with the VOA but they are wanting to reduce this value by 16% because they say that the property did not have vacant possession.
Is it normal to value a gift in this manner and is 16% a reasonable amount?
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