Need a historic valuation

fluffymuffy

What's a good price for getting a calculation of what the value of what a property would have been in 1982 ? I've been asked for this information by some accountants in connection with an elderly relative's tax return (it's to do with Capital Gains Tax).

I've approached a Property Surveyor and been quoted £500+
This seems steep as it doesn't include anything other than a calculation based on what the property recently sold for.

ash28

fluffymuffy wrote: »

What's a good price for getting a calculation of what the value of what a property would have been in 1982 ? I've been asked for this information by some accountants in connection with an elderly relative's tax return (it's to do with Capital Gains Tax).

I've approached a Property Surveyor and been quoted £500+
This seems steep as it doesn't include anything other than a calculation based on what the property recently sold for.

I have no idea what a fair price is, the Valuation Office Agency has this on their website.....it give values based on area (town) on 31st March 1982....certainly worth a look to see if it's any good to you.....it shows the value for different types of property with vacant possession and the value if the property is tenanted.

It's probably worth a look before spending any money.

http://www.voa.gov.uk/DVS/propertyMarketReport/1982/housingValVacantPossession.html

SailorSam

Is this any help ?

http://www.voa.gov.uk/dvs/propertyMarketReport/1982/housingValVacantPossession.html#westmidlands

fluffymuffy

Thanks.

It's a commercial property (warehouse) that was in good condition in the 1980s but rather dilapidated when sold. I'm thinking I could have a good go at estimating a 1982 market value. I'm wondering if my valuation would be as acceptable to the tax man as an estate agent's. After all it's getting to him via a chartered accountant and I can include my working based on the Valuations Office.

ognum

Pay for the correct advice, HMRC are doing a lot of valuation checks as they need to increase income to the treasury.

Do it right!

propertyman

Pay for a local chartered surveyor to value the property for tax purposes. Long established firms ( like mine) have the information and records to do so as well as in more than one instance having valued or sold a property once or twice in the past! :cool:

HMRC and the VO take those valuations far more seriously than an educated and researched guess from you.

fluffymuffy

But £500+ VAT for this calculation seems a huge amount. Is that the going rate?

justjohn

Approximate it!(with as many facts as you can get a hold off)... Argue with taxman at a later date backed up with the facts you have collected if needed.

I assume the property is now/was sold and you need to calculate cgt on it.

propertyman

fluffymuffy wrote: »

But £500+ VAT for this calculation seems a huge amount. Is that the going rate?

Yes its not only the inspection but research too for 1982 values.

vectistim

Rather than basing the calculation on what it sold for recently. I'd be looking for data as to what would have been a reasonable rent for it 30 years ago, and then using that rent to calculate its value back then. Trying to use an index multiplier over that length of time for a commercial building that's had whatever changes over the years sounds a bit hopeless.

jimbog

What about looking back at the microfilms/ online of your local newspapers via your local library / council archives/ newspaper offices for the year required?