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Open Market Valuations

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Open Market Valuations

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Open Market Valuations

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Open Market Valuations

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Open Market Valuations

Family Division & Capital Gains Etc.

 

  • All of our Formal Open Market Valuations for the purposes of Family Division Valuations & Capital Gains Valuation (in accordance with Section 272 of The Capital Gains Tax Act 1992) and other circumstances are performed by an RICS qualified valuer and adhere to the RICS Valuations – Global Standards.

 

  • Formal Open Market Valuations can be used for a number of circumstances including Family Division in cases such as divorce or when a family member has passed away, Private Treaty Sales, Capital Gains Tax, and where a formal listing of personal property and it’s value is required, often used when a solicitor or individual has been given Power of Attorney and requires an inventory of belongings.

 

  • Formal valuations are charged at an hourly rate calculated by the time it takes to inspect the items.  A fixed fee can be agreed in advance for single items and we are happy to discuss our fee structure and accommodate your needs if the situation is unusual or deems a different approach be necessary.  Please contact us to obtain a copy of our current fee structure or discuss your situation.

 

  • The personal property (chattels) we are able to value refers to assets that are not permanently attached to land or buildings. They include antiques, fine art, collectables and household and personal goods where they have a re-sale value.  For these purposes the term ‘Personal Property’ or ‘Chattels’ does not include part interest in land and buildings, plant and equipment.

 

  • Open Market Value, which is generally calculated at mid-auction estimate, but does not take into consideration commissions or other potential expenses often associated with selling at auction.  In some instances however where this method is not suitable other calculation methods are required using reasonable research and due diligence. The RICS (Royal Institution of Chartered Surveyors) define market value as ‘The estimated amount for which an asset or liability should exchange on the valuation date between a willing seller in an arm’s length transaction after proper marketing and where the parties each acted knowledgeably, prudently and without compulsion’ (RICS, VS3.2, 2012, p.30).  Market Value in accordance with Section 160 of The Inheritance Tax Act 1984 and Section 272 of The Capital gains Tax Act 1992 is defined as: ‘The price which the property might reasonably be expected to fetch if sold in the open market at that time, but that price must not be assumed to be reduced on the grounds that the whole property is to be placed on the open market at one and the same time’ (RICS, UKGN3.2, 2012, p.268).

 

  • The valuation report is principally based upon the valuer’s opinion on the date of the inspection, taking into account the conditions of the examination.   An Open Market Valuation is not a guarantee of the price payable or receivable in respect of an item.

 

  • The Valuation Report is the copyright of Philippa H Deeley Ltd and will be provided for the stated purposes and for the sole use of the named Client.   It will be confidential to the Client and their professional advisers. The valuer accepts responsibility to the client alone that the report will be prepared with the skill, care and diligence reasonably to be expected of a competent valuer, but accepts no responsibility whatsoever to any person other than the client themselves. Any such person relies upon the report at their own risk.

 

  • Neither the whole nor any part of the report or any reference to it may be included in any published document, circular or statement nor published in any way without the valuer’s written approval of the form and context in which it may appear.

 

  • Client details and valuation reports will not be released to any third parties without the client’s express permission except as required by law.

 

  • Values will be ascertained by observing market trends, utilising the valuer’s professional experience, making note of previous sale records, bullion and other relevant prices, and on occasion taking into consideration the opinions of other parties.

 

  • If you require more information on Capital Gain Tax we recommend visiting the HMRC website

 

  • For further information on our Terms of Engagement please go to our Terms of Business page.