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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07-08-2022, 11:33 AM
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Reply to Inheritance tax Open Market Vakueeven with an RICS' firm's valuation, if the valuers at HMRC think it low they will still challenge it. Ive just dealt with an estate the valuation date for which was during lockdown, and with extensive tenanted interests. The RICS firm arrived at their figure by a completely different methodology...07-08-2022, 18:40 PM
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Reply to Inheritance tax Open Market VakueA written valuation for probate from an estate agent or 2
then after it’s sold you need to declare the actual value it sold for07-08-2022, 12:54 PM -
Reply to Inheritance tax Open Market VakueFor 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.07-08-2022, 12:45 PM
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Hi 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...03-08-2022, 09:53 AM -
Reply to Stamp duty questionThanks 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
. My oversimplified interpretation based on his advise is: HMRCs logic is if you have more than one property you pay higher...
04-08-2022, 09:18 AM -
Reply to Stamp duty questionThe 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...04-08-2022, 05:44 AM -
Reply to Stamp duty questionI used to believe that as well - the HMRC manuals are pretty clear about the situation in my view.
Which made the surcharge rules a real trap for anyone who owned a let property (maybe for some years) and, who then wanted to buy a home of their own).
But some people claim to have...03-08-2022, 13:42 PM -
Reply to Stamp duty questionKekdal 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...03-08-2022, 12:57 PM
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Reply to Stamp duty questionIt seems to depend on the timing.
I used to think that if you owned another property which you let, you were just screwed, because of the second property thing (even if it was your residence you were buying).
I've been advised otherwise, and that you would pay and reclaim....03-08-2022, 12:11 PM