A low property valuation could leave you paying thousands more in tax
Retrospective property valuations can have significant implications for capital gains tax.
You do not need your accountant to become a property valuer but you do need an accountant who is engaged enough to recognise when a valuation deserves to be challenged. (Image source: Shutterstock.com)
Over the years, I have seen clients obtain retrospective property valuations for capital gains tax purposes. Typically, the report arrives, the client forwards it to their accountant and the valuation is accepted, normally without question. After all, it has been prepared by a professional valuer, so why would anyone challenge it?
The problem is that not all valuations are created equal. And when it comes to capital gains tax, an inaccurate valu…
