Valuations - jointly owned property

Valuations - jointly owned property

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Client owns one third share of property which they wish to gift to sister.

We have valuations for the property as a whole for March 1982 and current value.

Do HMRC accept that valuation should be discounted to reflect joint ownership, if so is there an accepted discount or range of discounts for jointly held property?

I assume that the valuation is not effected by the relationship with recipient of the gift but if anyone disagrees please comment.
Simon

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By User deleted
30th Nov 2007 14:07

Pretty much imposed
This is a CGT valuation and the coincidental blood relationship should not have a bearing on the valuation-- it's the fact that there are joint owners which is crucial. The Valuation Agency ( a look at their manual on the website is recommended ) do have "usual" percentage discount rates which seem to be accepted by chartered surveyors, esate agents,etc.-- no doubt not worth a prolonged battle. 10% crops up again and again but I have seen 15 % but in special circumstances such as one co-owner having some security of tenure.

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