Tim Lyford Tax Director at Smith & Williamson explains the practical issues relating to reporting requirements for property investors
Many investors have held properties for some years and whether they are companies or individuals they must report gains or losses made on disposals to the Inland Revenue.
For investors who acquired property on or before 31 March 1982 the requirement to obtain a valuation of the asset at that date will arise. Although the capital gain can be calculated by reference to original acquisition cost using a March 1982 valuation can frequently produce a more favourable result for the taxpayer because it is typically higher than cost.
The practical difficulties of obtaining that March 1982 valuation are well rehearsed and whilst many investors are aware of...
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Tim Lyford Tax Director at Smith & Williamson explains the practical issues relating to reporting requirements for property investors
Many investors have held properties for some years and whether they are companies or individuals they must report gains or losses made on disposals to the Inland Revenue.
For investors who acquired property on or before 31 March 1982 the requirement to obtain a valuation of the asset at that date will arise. Although the capital gain can be calculated by reference to original acquisition cost using a March 1982 valuation can frequently produce a more favourable result for the taxpayer because it is typically higher than cost.
The practical difficulties of obtaining that March 1982 valuation are well rehearsed and whilst many investors are aware of...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
