Is a red book valuation an "open market value"?
the Red Book, the RICS manual for valuers, the open market value ("OMV") is the best price obtainable in a transaction completed on the date of death.
Is this the correct definition please?
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Reply to Inheritance tax Open Market Vakueby NeelixA written valuation for probate from an estate agent or 2
then after it’s sold you need to declare the actual value it sold for-
Channel: Tax Questions
07-08-2022, 12:54 PM -
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Reply to Inheritance tax Open Market Vakueby Gordon999For assessing property value for estate tax, you would approach 2 or more surveyor firms for their valuation and choose the one who gives the lowest valuation.
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Channel: Tax Questions
07-08-2022, 12:45 PM -
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by KekdalHi Gurus,
I am trying to figure out if I need to pay the 2nd stamp duty.
I am buying a property which would be my main residence.
I currently live in a property that I pay rent for as a tenant.
However I own another property which I had bought to live in and had paid the lower...-
Channel: Tax Questions
03-08-2022, 09:53 AM -
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Reply to Stamp duty questionby KekdalThanks everyone I took professional advise from a qualified lawyer who confirmed that in my case I can't enjoy a lower rate. I kind of knew the answer but was clutching on straws
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Channel: Tax Questions
04-08-2022, 09:18 AM -
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Reply to Stamp duty questionby DoricPixieThe manual is clear, Kekdal will not be able to claim a refund if the BTL is disposed of after purchasing the new home. I don't know the circumstances the other posters to which you refer but they cannot be the same as Kekdal's as they would not be due a refund.
I don't think it would be...-
Channel: Tax Questions
04-08-2022, 05:44 AM -
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Reply to Stamp duty questionby jpkeatesI used to believe that as well - the HMRC manuals are pretty clear about the situation in my view.
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Channel: Tax Questions
03-08-2022, 13:42 PM -
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Reply to Stamp duty questionby DoricPixieKekdal won’t be able to reclaim the higher rate of SDLT. That only works when someone buys a new main residence whilst keeping the old main residence, pays the higher rate of SDLT and then sells the old main residence within 3 years of completing the purchase of the new main residence. Then a claim...
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Channel: Tax Questions
03-08-2022, 12:57 PM -
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Reply to Stamp duty questionby jpkeatesIt seems to depend on the timing.
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Channel: Tax Questions
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by BobbydazzlerHi - we have recently had to apply for a court order to evict a tenant using Section 21. Can I claim the court costs as an expense on my tax return for 2021/22, bearing in mnd I am now in the process of selling the property so will be liable for capital gains during this next years tax period? Also...
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