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Residential Property Valuation 31st March 1982

How to get a valuation

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Client sold a property recently and purchased the 4 bedroom property in 1970.  Its been let since 1992.

We need to completed the CGT return but I realised HMRC takes three months to come back with a valuation

Any other ways or methods to value a property as at 31st March 1982 ?  We had checked with estate agent but they could not help. My client is relunctant to pay for a surveyor for a valuation.

 

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By Paul Crowley
17th Sep 2020 13:03
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Ivor Windybottom
By Ivor Windybottom
17th Sep 2020 14:12

While not entirely accurate, you could use the Nationwide property index to work backwards to guess an approximate value.
Alternatively there may be data for similar properties in the locality available at Land Registry, but the searches will cost a few quid.
Ultimately the client has to use their best judgement and be prepared for a possible challenge from HMRC at some point.
Given the massive increase in value since 1982 it probably isn't that important as most of the sale price will be gain.

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Replying to Ivor Windybottom:
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By whitevanman
17th Sep 2020 14:51

There is data available from Land Registry but I am not sure how useful /detailed it would be. There really is no substitute for accurate information for the specific locality, which is what HMRC will use (from the Valuation Office). A RICS surveyor is likely to have access to similar information and given the potential cost of getting it wrong, the fees paid are likely to be worthwhile.
Taking national figures, it is interesting that you comment on the massive rises since 1982. In actual fact, the average price of property in 1970 was just below £4k. By 1982 it had gone up more than 5 fold to about £21k. Over the next 40 years the price has gone up about 10 fold to around £220k. So the rise between 70 and 82 was at a proportionately higher level but the numbers were somewhat smaller (hence your comment is quite correct).

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Scooby
By gainsborough
17th Sep 2020 16:24

Given the gain involved, tell the client that a couple of hundred quid is worth spending to reduce the chance of an HMRC query down the line.

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By GlobalTax
17th Sep 2020 23:08

Thank you for that.

Actually the Nationwide Property Index may give a good indication as the Nationwide mentioned the average house price to be in 1972 - £5,500 and my client brought it for £5100. On 31st March 1982 valuation for average house prices around 24K according to the Nationwide Property Index. I could go with 25K and doubt HMRC would question upon an inquiry they they may if I stated 50K. The Selling price was £220K.

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By bernard michael
18th Sep 2020 09:41

I haven't looked myself but I've been told the Valuation Agency Archives for 1982 should provide the information.

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Replying to bernard michael:
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By GlobalTax
18th Sep 2020 10:56

Yes I went there first but could not find anything. I have emailed them but they will take time to revert

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