Tax Valuations
Independent RICS-regulated valuations of art, jewellery and collections for Capital Gains Tax, lifetime gifts, heritage relief and Stamp Duty Land Tax, for private clients, family offices and their tax advisers.
Capital Gains Tax
When a work of art, jewellery or a collection is sold or given away, Capital Gains Tax may be due on the increase in value. The gain is measured against the value when it was acquired: for inherited items this is usually the probate value, and for assets held before 1982 it is the value at 31 March 1982.
Where that earlier figure was never recorded, or no longer looks right, we prepare retrospective valuations at the relevant date, supported by sale evidence from the time. We also value gifts to family members and trusts, where market value on the date of the gift applies. We regularly carry out large CGT valuations for private clients, family offices and their tax advisers.
Lifetime Gifts and Heritage
We advise on valuations for lifetime gifts, the Acceptance in Lieu scheme and conditional exemption.
Stamp Duty Land Tax (SDLT)
When a property is bought with its contents, SDLT is payable on the land and buildings but not on chattels such as furniture, pictures and other moveable works of art. The purchase price must be apportioned on a just and reasonable basis, and HMRC increasingly challenges apportionments that are not supported by evidence.
We provide independent, RICS-compliant valuations of the chattels included in a purchase, so that the apportionment is properly evidenced and can be defended if queried. We work with buyers, their solicitors and tax advisers, before exchange or after completion.
Probate
For valuations for probate purposes and advice on selling an estate, see Probate & Estate Sales.
To discuss a valuation, please contact Robert Coram James on 020 7305 7360 or at info@coramjames.com.
