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Incorrect Value On Deeds- Capital Gains Tax
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elliewhite123
Posts: 2 Newbie
Hello, I was gifted a property in December 2016 from my grandfather. Due to his worsening health, I am needing to sell the house for a ground floor flat/maisonette which he can live in more comfortably.
The House is currently worth upwards of £200k, when viewing the title deeds from Dec 16 it is showing the property value at £85-£100k which is inaccurate, as this would have been closer to £150k at the time.
My concern is the Capital Gains Tax implications on the basis of the incorrect value on the deeds.
The House is currently worth upwards of £200k, when viewing the title deeds from Dec 16 it is showing the property value at £85-£100k which is inaccurate, as this would have been closer to £150k at the time.
My concern is the Capital Gains Tax implications on the basis of the incorrect value on the deeds.
Is this something that can be corrected with the Land Registry?
Thank you.
Thank you.
1
Comments
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No, the LR would not be interested. CGT is one of the reasons why it is beyond foolish to give you home away. Another one, which I hope does not become reality, is that the LA will treat this as deliberate deprivation of assets should he ever need residential care.You could get a RICS surveyor to provide you with a 2016 valuation and use that to calculate the CG.2
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