My client bought a plot of land in the 70s for a modest amount (let's say £50k). it has been used as a yard for his business during this time. He is now selling it to a developer for c £3m and they will build an obscene number of houses on it.
We need a March 82 value. a local surveyor has valued it at £1m in March 82!!! It is only worth about 3 x that now. He has valued it "assuming its use as accommodation land".
I think he has way overvalued it (by about a multiple of 10!) however you go about it, but surely we should be valuing it in 1982 as a plot of commercial land and not as accommodation land. The client had no idea he was sitting on a big retirement fund until he was approached by developers and certainly c 40 years ago the thought of development had not crossed his mind.
I havenot had a situation like this before. We obviously want the best result for the client but don't want to draw attention from our friends at HMRC.