I have a non-resident client who recently disposed of a residential property in London.
They owned the property since 2003, but I understand instead of using the purchase price, I need to calculate the gain based on the 're-based' value at 05th April 2015.
The client doesn't know.. They were living in the property from 2004 to 2013 and then rented it out, but they've never had a valuation done. (Does this mean they wouldn't qualify for PPR relief as they haven't lived in the property since before 2015?)
What would be the most HMRC-approved appropriate way to find the MV at 2015? I have an estimate but I've based it on the 2021 sales proceeds and from looking on RightMove at similar properties in the area sold in and around 2015.
Thanks in advance for your help