Your gain is usually the difference between what you paid for your asset and what you sold it for.
There are some situations where you use the market value instead.
|Situation||Use market value at|
|Gifts||Date of gift|
|Assets sold for less than they were worth to help the buyer||Date of sale|
|Inherited assets where you do not know the Inheritance Tax value||Date of death|
|Assets owned before April 1982||31 March 1982|
Checking the market value
HM Revenue and Customs (HMRC) can check your valuation.
After you’ve disposed of the asset, complete a ‘Post-transaction valuation check’ form. Return it to the address on the form - allow at least 3 months for HMRC’s response.