Assets: valuation: when is a valuation needed
There are many circumstances in which a valuation of an asset may be needed for Capital Gains Tax. The most common are
- where an asset is disposed of to a connected person or otherwise by way of a bargain which is not at arm’s length, TCGA92/S17 and TCGA92/S18, see CG14530+.
- where only part of an asset is disposed of and a valuation is needed of the part retained, TCGA92/S42, see CG12730+.
- where rebasing to 31 March 1982 applies, TCGA92/S35, see CG16700+.
- where an asset is inherited, TCGA92/S62, see CG31140.
- where an asset is disposed of for consideration in monies worth rather than in cash, TCGA92/S37, see CG14500.