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What type of valuation on house?

Main residence becoming second home

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Hi all. Simple question. The main residence will become liable to CGT when it becomes the second home(+9 months). A valuation will be needed at that point for a furture CGT calculation. Anybody know what kid of valuation would be acceptable. Estate agent? Comparison of similar properties? Back of fag packet?

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By johngroganjga
27th Jul 2020 16:27

What makes you think a valuation as at the date of change of use will be required? Time apportionment is the way to go. I don’t think the use of interim valuations is even permitted.

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By Tax Dragon
27th Jul 2020 16:28

You don't value; you time-apportion.

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paddle steamer
By DJKL
27th Jul 2020 16:38

As pointed out, time apportionment, so in effect the pregnant tax free gains may now, in part at least, fall into tax depending upon future house price movements.

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By Angus Ogg
27th Jul 2020 16:39

Doh! I knew that. I'm feeling right thick at this point. Thanks guys.

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Replying to Angus Ogg:
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By Paul Crowley
27th Jul 2020 16:46

We all get those moments
I blame Covid overload

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